I'll be interested to see what the experts say Sam. Quite often I find I'm doing it wrong!
I found trepanning difficult beyond a few mm because, as you say, the tool binds. It's worse than parting because the groove is curved as well as deep.
So I prefer rounding the square to a hexagon or octagon and then turning across the edge as normal. To reduce shock on the tool tip I take tiny cuts at first, gradually increasing depth as the square gets rounder. If the vibration is alarming, back-off a bit. As the vibration reduces, go in harder.
I've read that carbide is more likely to crack than HSS when used to make interrupted cuts. In practice I've not had a problem with carbide – just don't be too brutal at first.
Finally, I'd super-glue all 4 plates together and turn them all in one go. Boil the plates to break the bond. Glue may not be necessary if you have a big fat Stub Mandrel. (Neil is far too skinny.)
Dave
Edit: Gosh, EVERYBODY can type faster than me!
Edited By SillyOldDuffer on 07/09/2017 19:45:35