Provided you use some metal that is stress reliefed, then 2thou run out is fairly easy.

I can't remember of the top of my head if the usual stainless bars (303, 304, 316) are stress reliefed or not. Non-stress reliefed can be used, however it may distort over time, or if subject to heat/cooling cycles.
You may want to change the design so there's a slight reduction in diameter between the bearing surfaces to make bearing installation easier.