If the "gears" match, turning down the "shaft" can be pretty simple.
Hope that this is not a Catch 22,, "Ttere's a hole in my bucket, Dear Liza" job!
Remove the lever arm, mount in the lathe (I used the 3 jaw to be quick and nasty ) and turn down the spigot to the required diameter and length.
Refit lever, and hopefully, all will be well.
In the past, for drill chucks, rather than a Cowells chuck, this has worked for me.
Howard