Mark,do you ever look for steel? are you familiar with existing shapes you can get across the counter? Do you know what a cold rolled surface looks like?
As a machinist,I do these things,and I can promise you that oval is not available,and that the surface of those shafts look like typical cold rolled steel.
This is not meant to put you down,just to point out the facts that I know after also being a machinist as well as wood worker for many years.