Given the size of the disc, I would be inclined to use a boring head on the mill.
If absolute concentricity is not vital, a close fitting 8 mm mandrel in the centre hole can be held in a collet while the disc is clamped on parallels to the table.
If concentricity is absolutely vital, then the disc has to be centred by using a finger clock in the small centre hole..
If you feel brave, and impatient, you could try trepanning with a small hole saw, but being 1/2" thick, will require plenty of lubrication and frequent withdrawals to clear swarf.
The hole can then be bored out to 19 mm diameter, in stages.
If boring from the start, it is going to be a relatively slow job, and boring in all senses of the word, and not quick. The cuts will need to be small, probably no more than 0.25 mm at a time, max, with the final cuts being smaller, and possibly requiring several spring cuts to get to finished size.
HTH
Howard