You could do it as a double sided job, or an any-sided job for that matter on the rotary, using the rotary as an indexer rather than a rotary lathe. Cut one side, flip 180 degrees with gcode, cut the other side, flip 90 degrees, drill the hole. As long as the pipe isn't too big, your machine can cut away from the centerline, and your rotary has enough power to hold it still while it cuts, it should work. Has to be a pretty stout rotary stepper to hold it still, though.
D&S Artistic Woodworking http://www.dsartisticwood.com