I've used studding as a drawbar on my old Super 7 for many years with no problems at all. It is not under stress and if it does wear, then I'll just cut another piece.
I also turned two nuts down to the spindle bore diameter and Loctite'd them on to the drawbar spaced apart 50mm or so. They stop it bouncing around and make it easier to insert & screw on.
Another tip – I have converted all my Imperial MT2 tapers to Metric ones with a simple screw-in adaptor (a short bar with Imperial male & metric female threads). I only need one drawbar for everything then.
The main problem with MT2 accessories is getting them out afterwards if you tighten up too much! Where possible I make the rear diameter of the tool larger than the 'hole' in my between-centres driving plate (used without its driving pin fitted) so I can unscrew it and thereby extract any MT tapers being used.
In one instance, I drilled a hole through the MT fitting so that a bar could be pushed through, which then gives a face for the plate to push out on. The driving plate also protects the spindle threads from damage.
The photo shows an Arrand MT2 flycutter which needs to be fairly tight and which can be removed easily by this method. Before I started to do this, it was a right whatsit to remove.
If I was threading this MT2 taper, I would certainly mount the taper directly in the spindle to machine it but I guess the OP has an MT3 taper in the spindle and an MT2 in the tailstock? This is a bit inconvenient in my view but is simply solved by an MT3>2 adaptor.
Regards,
IanT