I am sure your right, Martin, from a purely functional angle, but may as well try to get it as near-enough perfect as possible! I use lathe tools as parallels at times though I believe it's not recommended.
One way to support a work-piece like this under the cut itself, is to use a piece of BMS or aluminium bar as a sacrificial parallel.
Chain-drilling the worst out… Having used a heck of a lot of chain-drilling to chew a two-throw crankshaft out of a foot-long piece of what had been a scrapped railway-wagon axle, I would avoid it as far as possible. Even with filing the worst of the "teeth" down it still presents a lot of horrible, irregular lumps and bumps to the cutter and could even cause it to jam.
On the crankshaft I was using a ripping-cutter along the open, drilled faces; but for cutting a small slot such as on Chris' knurling-tool, or a clevis, I would rather let the cutter do all the work, as then it is fully and smoothly supported through the cut.