Kroll,
I've bought a couple of those $20 chuck wrenches in the 1/2" size. Not bad, actually pretty nice. I don't care for the self ejection (idiot) device installed on them. For a small chuck 8" and smaller they will last a life time as long as you don't put a cheater pipe on it to tighten the jaws. (I hope nobody out there does this with their lathe chucks.)
In industry, I've seen guys get aggressive with chuck wrenches and snap off the squares off of the wrench! This was on big 3/4" square chuck wrenches, too.
I do agree that the squares or hexes are not heat treated beyond 36 HRC on any grade of allow steel used. For most of us, a piece of 1018-1026, 1144, 1213-1215 is fine and acceptable to use if you decide to make one. And the same for the handle, too.
Ken
EDIT:
There is a manufacture just north of you between Conroe and Willis that makes chuck wrenches and all sorts of jaws and other components for chucks. Their name is H & R Manufacturing. You generally have to buy their products thru a distributer like C W Rod or Rex Supply. Hang onto your seat, a 1/2 square chuck wrench will cost you around $75! But are made for larger chucks. I've bought a few from them too, thru a supplier there in Houston I deal with when I need stuff I don't get off of the internet.