I suspect it won't work....
1) best to ask on the
sheetcam forum as Les Newell (the creator) does frequent his own forum a lot.
2) sheetcam is 2.5D machining .... so you can cut the outside / inside of the object (2D) ... and you can also cut the relief (height of the object at different depths) [the 0.5 bit]
What you have there requires a rotating axis... and although sheetcam does have a plugin for rotary pipe / tube cutting it is not a turning function / 4th axis function ... what you need there is either a lathe (more likely as you need the hole in the object .... unless you are buying it as a tube or have some other way to make the hole in the bar stock .... ) or a 4th axis to rotate your pipe and machine the flange lip on the end and then machine your flange
But someone else may know better (still suggest ask on the sheetcam forum)
Rob