Yep, back when I had my big shaper I use to make vise jaws all the time. Man I miss that thing. What exactly do you have in mind? Most I have seen/done are pretty simple. Two holes and not extremely high tolerance.
This had been on my mind as well. I picked up an old bench vise with a fatigued dynamic jaw. For $5 I figured I could use it to beat on if nothing else but I also wondered about milling the face of the jaw to close the gap caused by years of heavy used on it's right side. The jaw literally has a slight twist in it. I think the old Firestone plant got their money's worth.
Stock jaws are hardened. They can be machined but it ain't fun or easy. I did it with a fly cutter as I don't have any fantastic insert mills. Surface grinder is another option........but by the time you do all this better to make some new jaws.