pgk, Go for it, that is about the size I have used for pistons for hot air engines, and I'v been able to get the skirt thickness down to a little over 1 mm. Did break one when I took one of the grooves on the outside a bit deep.
I'd turn the inside nearly to size, then take the outside to size, then finish the inside. Turning the outside (I find) can close up the bore a thou or two, so if you leave .005" you'll have a little meat to work with getting it to size.
Others may disagree, that's OK, I just do it my way. This is the power end of a stove top Stirling Engine, piston is a bit of window weight cast iron 30 mm diameter, the cylinder is a bit of the tube from inside a car shock absorber.
Ian S C