As I see it, your conundrum is that of achieving both a central hole and 88mm diameter starting with only 88.9mm.
I'm not an engineer, but would attack the problem in one of two ways.
1) carefuly centralise the workpiece in the 4 jaw chuck using a dti securely held on the toolpost so that it can be retracted, to avoid the jaws. Then centre drill and drill the hole. I would then make mandrel with a wide face and glue (with cyanoacrylate) and screw the workpiece to that, for skimming off that half mm.
2) make the initial central hole rather smaller than final size, mount, as above, and machine the outside diameter to size before sorting out the central hole position and size. An end mill with collet holder would be the choice, to alter the centre of the hole by a small amount as a drill might tend to follow the previous (depending on finished size, even in aluminium)
Hope you achieve both your requirements. It can be tricky with such small amounts to machine off.
RAB