Prop shafts aren’t too hard to make unless there’s a keyway to cut in them. Unfortunately, I don’t have a mill or a lathe vice for doing this, yet! I’m not sure of the grade of stainless I use but it cuts and drills nice with sharp tools. You might have a problem working with a hardened bolt though, because it’s hard. The old shafts I’ve replaced are fairly soft and some of them weren’t even stainless and they had corroded and rusted away.
Can you build the lobe up with weld? Shimming one of your chucks jaws a bit will give you an offset to turn the lobes profile. Thickness of the shim will determine the amount of lift. After cleaning any oil off of the jaws surface, masking tape can be used to hold a shim in place.
I can’t remember which motor it was but I’ve seen that groove somewhere. It seems to me there was a plasticky type of washer/seal that went in it. I’ll search some photos to see if I can find it.
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