Knurling may be accomplished in place with a hand knurling tool. Similar to a tube cutter with knurls instead of rollers and a a pizza cutter wheel, here's a link for reference:
https://www.mscdirect.com/browse/tn...ls/Knurl-Holders/Hand-Knurlers?navid=12105917 Then find some plain wheels [ball bearings of similar ID and OD, may be challenging] to replace the knurls and swage to required dia. using the same tool, "creep up" on it with small increases in pressure as you turn the tool [or the crank if you have to, I hope not]. This way no further mat'l would be removed just pushed around to maintain maximum contact surface area and strength. Harry
P.S. You will have to add a key, fitted to make the shaft round though, probably will not work, I just re-read the first post (it has been a while since I read this and had forgotten about the key way). Food for thought on other repairs. Sorry for the side trip!
P.S.S. Those are spendy little tools I made one in Grade ten shop class a million years ago, I would never have thought they would sell for $600 US Sorry for a complete waste of your time!