Thanks for replies guys.
Eccentric is free cutting MS, 1 7/16 od x 1/4 wide. groove is 1/8 wide x 1 5/16 dia,
Tools tried were a Glanze indexable type, tip about 3/32 wide so a bit of side play there and a HSS one which was 1/8 wide so no side allowance, one was no better than the other though to be honest.
Bar used was 1 1/2 dia and just long enough to get a parting off tool in, so no rigidity problem there I guess.
Reverse is not a problem as chuck is bolted on type. (Just checked headstock, no discernible movement.)
One other thing, spec reads MS or CI so wonder if I might have better luck with CI.
The pump strap is actually the con rod in effect so the base of the groove is actually a bearing surface for the bore of the strap,hence my concern on achieving a reasonable finish.