So, I got to screwing around again...
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That's how I did mine accept I used a bench grinder.
I figured someone else must have done something similar but couldn't remember. On my first go-round I used my belt grinder for all of the stock removal. Despite how fast a 40-grit belt rips through steel, I think I like the 'hacksaw and files" method better.
How's that die work? Sounds neat.
Works like a charm as long as you go slow, keep it oiled, and don't force it. The hardest part is getting the initial alignment square to the shank. Once it got its teeth set, though, it did a great deal of the work for me.