Sure, kvom, you could do all of the above, just depends.
In the case of a boring head versus interpolating the hole, I doubt if surface finish would be the deciding factor. Rather, it would be accuracy of the bore. The boring head will do a better job, but it will be a lot slower, and probably less automated unless you have a real expensive one. If you have to hold real tight tolerances for a bearing, you probably need a boring head. If 0.001" is good enough, interpolate.
RE the flycutter, you could use one, but a nice face mill will get the job done faster.
Cheers,
BW