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I cleaned the sheave shaft up thoroughly, lubed it and put the shaft and sheave assembly back together with the new collar. I must say, whatever the shaft is made of, it is very compliant. I had removed the original peening by just basically hammering it back out straight. When I put the new McMaster collar on it, it peened back over again like it was a new shaft and I had never even touched it; no cracking or anything. I just kept peening, a little at a time, until the lock-out mechanism moved as it should. I’m pleased at how easy it turned out to be, to fix it. The McMaster part number is 92415A841 and seems absolutely identical to the original little collar.
Long live American manufacturing!