Give it a quick dip in Evaporust first?
Honestly, I think 1/8" of a ledge is plenty. I've used an air chamfering tool on all the edges, so they are very consistent. If you provide the corner relief going laterally into the trunnion, it should have all but .010" of that 1/8" all the way around. That is, plunge the lathe tool into the trunnion at the inside corner of the clamping ledge. Almost like you were going to install a clip ring.