Many thanks for the further replies.
Jason, yes, I'd read about the likelihood of the bearing's inner diameter reducing after fitting. I think it may have been very wishful thinking on my part that I could hit the right ID with the bearing uninstalled and not have to rebore it after installation or scrap it entirely because I'd rashly overbored the whole 40mm depth of the bearing.
Given the additional need to encase the uninstalled bearing in a nest/sleeve of some sort in case it gets squeezed out of round in the vice, I'm not going to attempt to bore with the bearing uninstalled but bore each slice of bearing in situ using a setup like in the photo [held on parallels in the vice]. Obviously the bearing in the photo has not yet been installed, but it will be!
Hopefully the actual bearing won't need any clamping to stop it turning when it's being bored. I don't know the answer to that at present, unfortunately; all I can say is that it will be a good tight fit judging by the feel of things and by the OD of it and the ID of the big end.