Unless I have misunderstood, the wish is to cut a 1.125" thread, 50 mm long, along the axis, at one end of a 150 mm long piece of 50 mm diameter bar.
If so:how about this?
Grip the bar in the 4 jaw chuck, pushed in as far as possible into the jaws.
Clock, cloe to the jaws, to centre it.
Set the moving steady to the bar, as close to the chuck as possible.
Release the bar from the chuck and move the saddle away, to release the bar.
Without removing the bar from the moving steady, replace the bar in the chuck and recentre it with the clock close to the jaws.
With the moving steady supporting the bar, use the Tailstock drill chuck to drill the bar, before turning down the OD to 1.125, and screwcutting..
Alternatively; set the fixed steady at the chuck end, move it to about 60 mm from the end of the bar, and leave it there whilst the bar is bored, turned down and screwcut.
In this way, the thread and the bore should be concentric to each other, But boring all way through 150 mm of bar is going to be difficult, unless the bore is large enough to permit the entry of a long large diameter, stiff, boring bar
HTH
Howard