Hi Stirling,
It is the devil's own job to set a flycutter accurately to a diameter, as you don't have two opposite points to measure across.. A boring head allows you to make incremental changes and 'creep up' on the right size, and also as it is graduated you can see how big a change you are making.
That said, if you can set the flycutter somehow, the actual mechanics of the cutting are probably more rigid. If you start sightly off-centre with the fly cutter, you can move the work across once the diameter is right.
Neil