Absolutely!
Start from solid all day long!
A) Order up some Hot Rolled bar
B) While you are waiting on that, call Allied and tell them what you are dooing, and they will set you up with the proper tooling to knock that out a lot quicker than a boring bar! Roughing from both sides may be a good plan.
C) Finish from one side with a 2.5" De-Vibe bar.
You just saved $50/part compared to what you were gunna doo!
Now - your post eludes to there being 2 tubes on a weldment, and in that case, I understand your wanting to hit it on a HBM. I have no experience with boring that L/D on a mill, so IDK if that is a good plan or not. But it will certainly cost a boat load more than just finishing it in the lathe. Maybe better to invest in more better welding fixtures?
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Think Snow Eh!
Ox