For what my comments are worth.
The object is finish up with a 12mm long ring, with a 28 mm bore.
My imclination for such a job on a Myford would be to saw off a piece of raw material, say 15b mm long.
Ideally on a bandsaw, with the vice suitably packed to hold the material; otherwise a lot of hard work with a hacksaw.
The resulting piece can then be faced, and drilled / bored out, before being reversed in the chuck to face to length.
Parting off works much better with the tool inverted in a rear toolpost, but parting off 75 mm diameter stainless protruding 50mm sounds like a challenge.
As already said, if you di decide to part off, keep up a slow steady feed, don’t rush, but don’t let the tool rub.
Good luck
Howard