I would take the thinner disk, center it in the lathe chuck, then drill and tap it to 1/2" NF. I would then take a piece of 3/4" diameter brass, drill and ream it for the 1/4" shaft, turn it to 1/2" diameter to a shoulder, and thread it 1/2" NF, using the disk to check the fit of the threads. After threading, part off the piece leaving a full-diameter "hub" wide enough to hold a #10 or 1/4" set screw. Now you have a hub to screw into the disk which you can secure with Loctite.
Install it on the shaft with the hub away from the critical area. If brass is too heavy, make the hub from aluminum.