First of all I can't quite work out how you could do it between centres and then say you parted off?
Myself I would use the collet chuck and firstly face off a piece of bar 12mm overlength and use a small centre drill to do each end.
Then holding in a collet by what will be the longer tapered area and supporting one end with a tailstock ctr turn all the diameters and tapes that make up the 42.5mm section leaving teh end dia overlength right to the end of teh work.
Change to an 8mm collet and hole by teh 8mm dia with tailstock support and turn the other half of the part
Once that is all done hold by a 3mm collet with teh other end in a fixed steady and turn away the ctr holes and form the pointed ends.
Also use sharp HSS or a CCGT type ground tip in your indexable tool they will put less side force on the work.
Regarding the fit of the bearings, when you get close to size use the bearing to test the fit rather than just taking measurements