If you have the skill to make a "perfectly" uniform diameter shaft and if you can intentionally cut a diameter to your exact specification then, yes, you can make a spindle. There's nothing special about them. Once the basic shaft is made (spun between centers), you can switch to using a jaw and center rest to bore it out. The long bore does not need to be ultra precision. You might need to do it in two steps, one half the distance each step. The bore near the chuck end should be cut undersized and the taper cut into it once it's installed in the gearbox. After the basic MT5 taper cut, you'd want to hand ream it with a cutter -which are available for about 75 bucks. Not including the time to assemble in the gearbox, the cuts could be done in a couple hours or less. After that, you'll need to mill any necessary keyway slots, drill/tap holes etc.
I'd be inclined to use a piece of normalized 1045 with an OD about 1/8" greater than needed. That will buy you adjustment time to get the centers lined-up. A heat treat with final rockwell around 40-45 would be frosting on the cake. If you go with heat treating, make the OD of the shaft 1 thou oversize and bring it back down with a tool post grinder. For that, you'll need to fit end-caps so it can be spun between centers again.
It just so happens I'm doing something basically identical but, it's not a spindle, it's for precision grinding hubs with a very precise custom internal taper. Since it's a custom taper, I'm also making the taper reamer out of tool steel.
Ray
I'd be inclined to use a piece of normalized 1045 with an OD about 1/8" greater than needed. That will buy you adjustment time to get the centers lined-up. A heat treat with final rockwell around 40-45 would be frosting on the cake. If you go with heat treating, make the OD of the shaft 1 thou oversize and bring it back down with a tool post grinder. For that, you'll need to fit end-caps so it can be spun between centers again.
It just so happens I'm doing something basically identical but, it's not a spindle, it's for precision grinding hubs with a very precise custom internal taper. Since it's a custom taper, I'm also making the taper reamer out of tool steel.
Ray
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