I don’t see how the suggestions to drill a hole and put it on an arbor or threaded rod is going to work, you need to machine the tapered counterbore before flipping it and doing the large taper, so there can’t be anything through the bore to do that. One way around that is an expanding mandrel that stops short of the counterbore so that feature can be machined.
If you have a face plate, you can hold it on the perimeter with clamps and do the bore and counterbore, then face it to the step diameter. Once that is done, you can use a through bolt to hold it to do the step on the back side, then you will be able to hold it in your 5” chuck to do the front side taper.
What lathe are you doing this on? Might be an opportunity to get a 6” or larger 4 jaw chuck, then this will be simple, and you will have the 4 jaw for future projects.