How would you choose to efficiently make 48 of these?

I make pieces similar to these using 5/8" 01 steel rod, typically in batches or 10-15. Each piece is 5/8" long. Just did a dozen the other day. Final tolerances are within 0.001", step diameter is 0.300". First I cut the rod into segments slightly over the desired length, I use a bandsaw with a stop to cut them all to the same length. I then face off one end using a 5C collet in the lathe, flip them and then face the other end. I have both collet stop systems and through the spindle stop systems for exact length tolerances. Then I center drill the part, there are two separate hole diameters on my parts and one end is threaded. I then put the part in a square 5C holder and bring it to the mill to drill/tap a shaft set screw hole, I use a stop system so the hole location is not affected by the 5C clamping. Then back to the lathe and do the shoulder, then tap the center. In my case there are 8 or 9 steps, so it does become important that the chuck has minimal run-out, I use a Set-Tru Bison. With my previous 5C chucks I did have a 0.002-0.003" variability in clamping distance when using a screw in collet stop system, with the Bison the variability is typically less than 0.001". A through the spindle stop system is more reproducible/accurate.

In your case for the half-moon on the end I would do it in the mill, probably use a annular cutter depending on the radius. I would do it after cutting the shoulder to reduce the amount of material removal. Softer materials one could use an end mill. I use 5C collets for this type of work, I can rigidly hold stock as short as 1/4" and it will remain aligned. Standard 3J chuck, just not possible and the parts tend to twist. I would not use PVC, it is weak and shatters, softer plastics will probably distort and may slip of of the collet. You need sharp tooling for cutting plastics. Agree a 3D printer would be optimal choice, maybe outsource or see if you can get a HM member to do a bunch for a nominal amount. I do a bit of work with phenolic materials, they have rod material and it machines reasonably well. I use the linen based phenolic material, not a big fan of the glass fiber impregnated stuff.

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In years past phenolic was used to make the sheaves in blocks used on sailboats. You can make it. It is a little messy. I have read about knife makers making phenolics for the handles on knives. Phenolics are cloth saturated with resin that is squeezed in a mold to force out the excess resin. For UV resistance you should add pigment to the resin. You could probably make the mold to the exact finished shape leaving only the saddle to cut. Even the saddle could be in the mold but it would be more work to make the mold. I envision a 3 piece mold. There would be the outer piece bored to 1". One end piece with a center rod for the through hole. The other end piece would have a sleeve to fit inside the outer piece. Here is a quick sketch I did of the 3 parts

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It takes a lot of cloth cut to the right size but not much resin to make a phenolic part. Lots of mold release wax too.
 
mksj - a free and maybe not very useful piece of advice, but you could do those in one set up if you had a live drill chuck for your lathe.

Face end, turn OD, drill and tap for set screw, drill/ bore recess, drill/ tap longitudinal hole, turn down step with carbide parting tool, debur major OD edges, part to length. Maybe hand deburr the minor OD end with one of those cone things in a hand drill. Quite a few tool changes but it'll save you some back and forth, plus you won't have any worries about concentricity.

For the OP, a collet block chuck for your lathe would make that fairly straight forward. Do all the lathe steps, unscrew chuck, used mill to cut saddle, screw chuck back onto lathe and part off. That would need a collet block chuck though :)
 
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