If the raw material is 75 x 80 x 12, by the time that it has been faced, it won't be 12 mm thick.
By working from corner to corner, the centre point can be found.
Assuming that your 4 jaw can accommodate the 75 x 80 mount it and face one side.
Note the comments about using sharp tools, correctly set,. to minimise risk of work hardening.
Centre drill
Drill
Bore to a suitable size, < 25 mm.
Turn up an arbor size and size with the bored hole. (Centre drill the arbor ready for later )
This would be a good time to saw off the as much of the corners as possible.
Mount the stainless on the arbor, machined face to the shoulder on the arbor. Loctite for added security?
Mount in the 4 jaw, and centre accurately. Use the Two Centres method.
Machine the outer to produce the 75 mm diameter.. Being an interrupted cut, take things gently!
You can use the arbor as a chucking piece to drill and tap for the M5 grubscrew. Drill through at 4.20 mm
Open up the outer hole to 5.5 mm x 15 – 20 mm deep.(20mm will leave 5mm of thread )
Tap the M5 thread.
Deburr the bore.
Hopefully, job done.
HTH
Howard