I often use a single indexable boring bar for both the internal recess, the outside diameter and the internal and external chamfers. With the top slide at 45 degrees, you can turn and face using the cross and saddle power feeds, then use the top slide for the chamfers. No tool change required and obviously you should minimise the tool overhang as a matter of course.
The technique is to operate the machine in reverse with the tool behind the axis for (external) turning and in forward direction with the tool in front of the axis for boring. You can make both chamfers this way without disturbing the top slide or requiring a dedicated 45 degree chamfering tool.
With the right cutting speeds and feeds you can get excellent finishes. Using the micrometer dials, digital calipers and a bit of practice I can get finished dimensions within a thou or so.
Murray