Accurately mark out both parts so the centre distances are the same, clamp to the faceplate and use a dti to pick up one centre, drill to about 1/16" less than finished and then bore to the required fit. Repeat for the other 3 holes. If you leave the bar as one piece 4" long it will make it easier to hold and the saw in half afterwards.
If you have a mill then hold teh bar in the vice on parallels, drill and bore as above with a boring head.
J
PS if your faceplate is not true then skim it before starting work.
PPS That sounds a largish engine it would be worth pinning the joints after soldering so it won't budge. Or cut from solid, this and the next few picks show a crank machined from 2"x1" bar.
Edited By JasonB on 28/03/2012 17:46:42
Edited By JasonB on 28/03/2012 17:49:13