Do not remove material.
If you can put the shaft in your lathe knurl it!
Get is setup between centers or in a 4 jaw.
Dial in the shaft so it is dead nuts centered.
Knurl the area to raise the material up.
Now verify still running true and centered.
Take very light cuts to get it close to size.
Check for bearing fit for a press fit and shoot for that.
When finished and you are sure of size, heat the bearing, mix a batch of epoxy and apply to the cleaned shaft then press on the bearing, the epoxy may act as lubrication.
Carefully clean any excess and let cure for a few days.
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