It would be easier to do it on the milling machine using a rotary table. I would mark out the shape required drill pilots holes and then do the radius on a rotary table, and then the straight section. Please correct me if I'm going at this the wrong or long way, I'm always willing to learn and be corrected.
Herbie is right. Bore the collar round to a diam matching the OD of the shaft. Then get a length of round rod with the same dia as the one you just put in the collar. Mount it in your lathe's milling attachment and mill a longitudinal flat that leaves you with a properly dimensioned 'D'. Cut to length and braze (or whatever) in place.