Unless I misunderstand the situation, the objective is to produce a riser for a turret mill.
In my mind the parallelism of the OD is far less important than having the end faces parallel.
If they are not parallel, the now raised column will be at a slight angle, rather than perpendicular, so that any cut made with an End or Face Mill, wlil be slightly concave..
Possibly over simplifying things, I would take a very light skim across the Faceplate to ensure that there is a datum surface hopefully square to the lathe axis.
Then clamp the work to the face plate, whilst pressed against it by the Tailstock Centre, before taking the lightest possible cut to clean up the one end.
Then change the workpiece, end for end and clamp up again, in the same way.
Take the lightest possible cut to clean up the second end.
This should, in theory, result in both ends being parallel, .
You can't keep taking cuts off the ends, or you will finish with a large diameter washer!
Howard