I used to have a handy tool to tap a flange on an exhaust (once lent out, and..... ) Unfortunately no photo. But it was a simple thing, a 2 piece clamp with a 40 mm hole that you clamped together with 2 bolts on the end of the exhaust. First I tapped a flange at 45 degrees with 1 side and then turned the tool around and tapped the flange at 90 degrees. However, when mounting the exhaust, the position of the exhaust rarely, if ever, came out right and the exhaust always had to be tightened under tension.
For many years now, I have been using the method with that little ring, though not from an old bigend bearing (a good idea by the way if you have saved it after a bigend overhaul). I turned a couple of rings 3 millimetres thick out of a piece of pipe, or if you don't have that out of a piece of solid round steel about 45 mm round (hour's work). The inside diameter of the ring should fit clamp on the exhaust. In case of a new chrome-plated exhaust, first grind away about 5 mm of chrome, don't forget to slide the exhaust nut onto the pipe first, then use a TIG welder to weld the washer with a very small weld at 1 point. Mount the exhaust so that the ring positions itself, then solder the ring all around with silver solder, finish the front flat with a file and ready for assembly!