Machining a New spindle for my Diamond horizontal mill

I have slowly been putting my Diamond-22-M back together, and discovered that the spindle is bent and the bore is cam shaped at the front.
I didnt realize spindle was bent until I put it back in.
I did see the taper runout before I took it apart.
I bought the mill a few years ago, and have been painting it, fixing minor issues, with the intent on doing a spindle taper touch up grind when back in the machine.

The nose taper is out maybe .006.
I discovered that the spindle was bent by placing a long indicator on the spindle shaft, about 6" back from the nose. (Measured with spindle installed) (~.006)
Also, the spindle appears to be made of 2 pieces. I suspect press fit or welded way back when....

Looks like I have to take the spindle back out again, and figured I might just make a new one.

Any thoughts on this?
Also, what type of steel should I use.. I don't expect very much usage on the mill in my hobby shop, likely leaving in the arbor most of the time.
Would DOM tubing be a good choice, as I don't have line boring capability.
I dont need the spindle hardened.

There is a write-up from a fellow who did something similar on his Vernon mill, using 12L steel.. http://kinzers.com/don/MachineTools/VernonMill/

Thanks in advance.
Dan

Any pics ?.

It looks quite like this one, which is out of a Vernon.
Mine is still in the machine.
Its ~17" long. The Nose diameter 1-3/4, and the body is roughly 1-1/8