If I wanted your bored hole to be concentric with the o.d., I will want to bore on the same setup that I turn. This precludes turning a long length, parting , and facing unless you have an accurate collet chuck. In my previous process, I would add the boring step after the the facing step. It is still only a single setup process.
One of the parts that I made in quantity was a small Delrin cap. machining tolerance were +/- .001"
The cap was made on an Atlas/Craftsman 618 with a single tool, a small boring bar made from a broken tap, and a .020" carbide drill bit in the tailstock. I used a carriage stop and several pins as spacers for determining the z position. The stock material was 1/4" Delrin rod. The tool was set up for boring at a slight angle to the spindle axis.
The first operation was to face the part. The second was to bore the pocket. Then the .020" hole was drilled. To turn the o.d., I reversed the lathe and turned with the boring tool from the back side of the part. To part the piece, I used a box cutter, leaving an excess for a final facing.
For final facing, I made a small mandrel with a press fit for the cap. The carriage stop was used to determine the cut and the same micro boring bar was used for the tool. The dome was finished was a fine file as its profile was not critical as long as the central portion was the high point on the face.
Total setup time was less than 10 minutes. Once the setup was done, no further measurements were necessary until final inspection. These parts only took a few minutes each to make.