Re: BBC "undercut" oil pump drive shaft
Treat it again. If it is only surface treated (so you would machine the hardened surface away), then heat it up until it is red with a torch and dip it in a bucket of old engine oil. Otherwise, buy a shaft that is higher quality steel to start with. The original OEM shafts that were necked down were for the 400. I believe they used 1040 alloy rod that was quenched and then austempered, which would harden the material all the way through. Simple process if you feel it is worth it. Personally, I would not be concerned with the strength after machining.
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