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Yes, that has been discussed before and that is more or less the order of operations. They actually start with tube stock for the last few batches, and the 1" stock ID gets roughed out with an insert drill first. You can actually get an insert drill that's exactly the finished size, but I don't know whether the shop has one or just uses something close and finishes the bore to size in the face grooving op, which would be perfectly feasible without switching to a boring bar since it's only 1mm deep.
gbj_tester
@Emyr
Curiosity just struck me about how these would be made on a lathe... Start with a rod, cut the interior and centrebore into the end, then the exterior shape, ending by breaking through to the bore, leaving a flat end for the next part?