Which steel should I use ?

I would not use 4140 use a softer steel. you want a weak link. I have a burke 333 someone used lathe bits for keys I took them all out and made brass keys. why? because if a cutter garbed I want those brass keys to shear rather the a lathe bit tearing up a shaft or pulley.
 
I would not use 4140 use a softer steel. you want a weak link. I have a burke 333 someone used lathe bits for keys I took them all out and made brass keys. why? because if a cutter garbed I want those brass keys to shear rather the a lathe bit tearing up a shaft or pulley.

I doubt the factory ones are anything other than mild steel, but as for the weak link, that will be the backgear. Don't ask how I know that.
 
I have a piece of 12L14 in the scrap box....would I be ok using that or should I go with the 4140 as suggested? Thx
 
A salvaged piece of axle shaft is probably a good candidate for raw material. Cheap 41x0 steel that can be annealed, machined, and heat treated again if necessary.
 
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