Before going any further I would strongly suggest relocating the shaft in the chuck. Rule of thumb is a work piece can be extended no more than 5 times the diameter beyond the chuck before you'll get taper due to deflection. First relocate it so less than 5X the diameter is sticking out. Then using a 60* center drill make a pocket in the end just large enough to accommodate a center.
Once the pocket is created you can extend the shaft with one end in the chuck and the other supported by a live center in the tailstock. Now you have a sturdy fixture and the shaft won't deflect as you push against it with the tool.
As for the finished diameter I would first either create or purchase a coupling. I made a coupling out of 1 1/2" diameter 6061 aluminum round stock. I cut off a 2" length then bored it ( actually drilled it) to .812". I then put it in the mill and drilled and tapped 2, 5/16-18 holes for set screws. The final step was to broach a 1/8" keyway under the set screw holes. I knew a new coupler would be necessary when I took apart the assembly. I'm not sure who made it, but it was a modified version of a Ruland 3/4" 2 piece coupling. When the hole was rebored it was about .025" off center. This caused the new shaft to wobble in the power feed bearing housing
As an FYI the original Ruland coupling would have needed to be modified again to work with the power feed. It was 2 1/4" long, and even pushed back as far as possible on the lead screw it would still rub on the new mounting plate for the power freed. Rather than attempt to resurrect that coupling given all it's problems, it was easier to just make a new one.
Once you create or purchase a new coupling you can decide how much more if any needs to be removed from the shaft for it to fit into the coupling.
In my case I already had a shaft that worked for the manual setup. It was a bit shorter than would have been optimal for the power feed, but I was able to reuse it. It no longer butts up to the leadscrew in the coupling, and is a couple threads short of the nut fully engaging on the handle, but it does work. My current plan is to use it as is until I'm satisfied with the performance of the power feed. Once that's accomplished I'll remove the power feed, measure the existing shaft and determine how much longer the new one should be. I'm thinking the optimal size will be only about 1`/2" longer than the existing one.
I probably should have measured the existing shaft when I had it out, but at that time I wasn't sure whether or not a new one would be necessary. Leaving your shaft a little over length is a good plan at this time. Once you get everything in place you can make a final measurement, cut and then thread the shaft.