Depends a bit on the plastic being used - most of them turn nicely, but give miles of shavings, but some can be brittle or melt at too low a temp. The vital thing (see several other threads about unbalanced grinding wheels) is getting the bore and circumference absolutely concentric. To be sure of concentricity, I'd be inclined to bore the hole off the lathe, then friction mount the blank on a turned spigot, without disturbing the spigot after turning it. Danger with chucking it for both operations is that the chuck does not re-centre dead on, or the pressure of the jaws distorts the plastic.