Looking at the photo of a wheel on a myford faceplate,my method is to rough machine the wheel,and leave the width of the flange oversize , then grip the wheel flange with soft jaws in the 3 jaw chuck,then machine to size the wheel tread ,the inner side of the flange ,face off the front of the wheel rim and boss and then drill,bore, and ream the axle hole,only leave about 5 thou on diameter for reaming, I know that leaving small amounts to be removed by reaming is supposed to cause the reamer to rub and wear,but I have found that it produces good results,and only a few holes are being machined,its not production .Better to loose a reamer than expensive wheel castings. the wheel can then have the back faced off and the rad on the outer rim machined ,the important bit of this method is that the the critcal machining is done at one setting,with good concentricity and no wobble.