It really doesn't matter unless you are very trepid about making an error on either the ID or OD. In which case it becomes a question - what can I salvage to use the stock on another project.
But lets think positive haha. Ideally the OD, ID and face should be done in one set up that way the surfaces are to dimension & square to each other. That then just leaves parting or sawing it off & making the final face to desired bushing length (which you now have lots of good geometry to reference in the chuck when you flip it around).
Main thing is have a good understanding of your target dimensions beforehand. What does the OD have to fit, What does the ID have to fit etc. If its sliding fits, can you bring the part to the work while in the lathe to confirm, or are we going off purely measurements.