It is not easy to make suggestions without a picture or drawing to go from but here goes.
Use the bearing bore as your reference point; presumably the mounting holes are going to be spaced evenly around this.
Possibly do the recessed mounting holes first and at the same time rough out the bearing hole.
Now make a fixture with bosses on the same pattern as the mounting holes and the same size as the recesses; tap one hole in the center of where the bearing hole will fall and tap a couple of holes outside the area of the bearing block.
Take the part which has mounting holes and put it on the fixture so the recesses of the mounting holes fit on the bosses; now you have it located. Clamp it down with a couple of clamps using the the tapped holes outside the area of the block. It would be a good idea to have these clamps over a couple of the bosses so the part does not distort when clamped.
Now machine the bearing hole. NOTE: I am making the assumption the bearing hole has a step which the bearing comes against, i.e. it is not a through hole.
Once the bearing hole is done clamp the part down using a disc in the bearing hole and the tapped hole in the center of the fixture; remove the other clamps.
Now face off the area around the bearing hole.
An open mind is a virtue...so long as all the common sense has not leaked out.