Ron,
The way I would do it (just me) is part the pieces off then drill and ream. But before I part off I would break the outer O.D. corner with a file or tool bit then start the parting and before going thru break the other corner with a file. I would then make a fixture on the drill press or mill for drilling both holes, big ones first then small ones. Face off the next piece then repeat. I do think that drilling hole first then parting will get some burrs at the hole. Hand lap on stone with some oil will clean it up when done. I have machined the I.D. of washers on the lathe with good results, but drilling and reaming that way I don't think will work, but I did not ever try it. Remember that the holes are for a press fit for 1/8 and 1/4 rod. That's my 2 cents worth.
Paul
Ron,
Just put that one back in the lathe and take a face cut on it and see how much you need to clean it up and go from there. Take a face cut on the next piece then part it off using the first finished piece as a guide for parting off the next one in the chuck. I hope that is clear. That's one way and of course there are many ways to skin a cat.
Paul
ps: If you have a dial caliber you could use the male end that sticks out to measure from the end of the bar to the cutter plus a few thousands for facing.
Using a 1" or greater dial indicator to show carriage travel in the Z axis, touch off the face, zero the indicator, then move the width of the part plus the width of the partoff tool. Should get you pretty close.
ps: If you need help just ask if you have trouble facing off those cranks, I have a neat way of doing them.