I made a large stainless washer yesterday, albeit of different dimensions to fit a Belfast sink in the new garage.
Inner was hole cut undersize with normal hole saw in pillar drill running slowly with lube.
Outer diameter was then cut with small hand guillotine oversize. I then place the rough washer in the 3 jaw, in expansion mode, and sized the outer rim, swapped the jaws over, and held the now finished outer in order to bore to size.
In my case the washer was thinner (so I could use a guillotine) and larger, but I've used a similar method by clamping the donor plate to a sheet of plywood and used two different sized holesaws to get the starting annulus, still all done in the bench drill.
Obviously cut the inner hole first, so you can still hold the blank; the drill centre hole in the plywood is enough to guide the bore for the larger hole saw. Just replace the drill bit in the hole saw with a suitably sized length of plain rod to run in the hole in the plywood sheet.
I can't remember what it was for, but I've done similar with 4 or 5mm stainless plate in the past to make something similar to what you're trying to achieve; it would have been a spacer for one of the motorbikes or the Marlin.
Regards
Bill