Like most things Roger – I think it depends on what equipment you already have, like a bandsaw (for instance) or a vertical mill and rotary table?. If you only have a lathe and a drill then your options are more limited…..
However, I think you could still carefully mark it out, pop mark your centres, then simply chain drill the outside before you bore the internal recesses to size (easier to hold in this order) before finally cutting through the hole 'chains' and filing smooth the outside
Two small 'radius' chain drilling jigs might help you here and I wouldn't use a very small a drill as the brass is fairly thick (at 16mm – a 2mm drill will still be drilling x8 it's diameter). You could also turn a couple of simple circular filing guides if you filing isn't that hot (rather like mine!).
If you've a mill and rotary table – then life is much easier…
Regards,
IanT