I may be off base here but if I was making that part from nominal mild steel stock (cold rolled comes in many alloys so not sure what you mean), I would throw it in a 3 jaw chuck and face one end and center drill it, then extend it only enough to cut the 6" long straight part. I would bring that to size, screw cut the thread and cut the keyway. Then I would remove it from the chuck, cut off the length I need to finish the part and dial in the part in a 4 jaw chuck, holding it with the just turned part, of course. I would then support the work with a dialed in steady rest and face the end and center drill it.
Given that the taper is 5-3/16" long, I assume you either have a taper attachment for your lathe or you plan to use the offset tailstock method (or use a modified boring head or a Royal taper attachment). I also assume that your compound does not have enough travel to use that to cut the taper. If you use the offset tailstock method then you can mount the work between centers and try to cut it that way. Once you have the taper, I would personally mount a Morse Taper adapter in my spindle bore and insert the one you just cut into it before cutting the tip of the work piece for the 60 degree tip. Hopefully it will be concentric enough to be accurate enough.
Then I would make the second part separately.
Pretty sure that's how I would make these parts, although this is just off the top of my head right now and I haven't studied it carefully. I would definitely not try to make two parts with two tapers, a screw cut thread on one end and accurate 60 degree tapers on each end out of one single work piece in one go. There is just no way that I could personally keep such a monster accurate enough to be used as centers. My opinion, of course, so don't let me discourage you from trying.
I also think I would make centers from tool steel instead of mild steel for longevity.
EDIT: Deflection is a function of radial cutting forces and on a work piece as long as you were planning to use, I guarantee you that deflection will occur. Given that you're cutting tapers and cannot use a follow rest then I suspect an accurate taper on a really long part is going to be particularly challenging. I'm not trying to discourage you; just trying to point out that doing it in one go on a part this long and complicated is maybe not the best approach. I really want you to succeed and maybe the other guys can figure out how to help you do this.