Being cautious, I would not try to take off in one cut.
In this way, the noise / impact is less, and if the material does stress relieve itself, and distort, hopefully, the shallower finishing cut will remove the distortion.
With, hopefully, a flat face, now 1/16 shallower, this can be used as a datum to rough and finish the opposite face.
With two faces parallel to each other, these will hold the bar whilst the final two faces are machined.
A fly cutter set so that the tool only just overlaps the long edge of the material, and fed in gently, along the length of the material, may be the way to do the job.
Howard
Edited By Howard Lewis on 06/03/2019 11:03:53