yes it squeaked, but no it's not magnetic. I just cleaned out the chip tray.. used a magnet to pick out the ferrous stuff so I can separate the brass.Doesn't sound like brass, sounds like Ampco bronze (aluminum bronze) to me. Did it squeak when you tapped it? Ampco bronze has excellent wear resistance, but may not be soft enough for this application. It has some iron content, so the chips are slightly magnetic.
Actually it doesn't seem very hard. I am more leery about making new wheel centers for my Delta Surface grinder. I have to hit those angles perfectly. As you know on your balancing shaft. But the hubs are internal and have me procrastinating. I don't need them that bad.Looks like you are on your way. Looks great so far.Not an easy project, imho.
How are the pictures working out?
they are all imgur, the first one is a link to the imgur stream.Your pictures are very nice - good and large. Much better than your very first picture using Imgur.