So this evening I machined the shaft using ‘my’ method. I was careful to evaluate after the first pair of diameters. I made up the three slip gauge stacks ready for the three length setups:

To compensate for the centre drill error, I used a piece of doubled-up Rizla paper. I wasn’t bothered about the tiny error anyway, but thought it couldn’t do any harm to try to (approximately) eliminate it.

Apologies in advance for mixing units again, but: Got the metric step diameters spot-on (at least to the 0.01mm accuracy of the calipers), and as discussed, left the final cut tool setting well alone before swapping ends round.
Removing the workpiece and swapping the carrier and re-fitting took less than 60 seconds, so it’s really a non-issue.
DIAMETERS:
The result was 3 out of 3 diameter pairs were identical to within the 0.0005” accuracy of my digital calipers. I then switched to my micrometer (0.0001” accuracy) which showed 1 out of the 3 diameter pairs to be identical, the remaining two were 0.0002” different.
There is no way I could have got that consistency by turning individual ends. Clearly I’m relatively inexperienced and not saying for a second that others couldn’t do it, but for me, this method seemed completely legit, and the micrometer doesn’t lie.
As an aside I asked one of our machinists at work about it (time served, very experienced) and he said he’d turn that particular shaft using exactly the same method; there was no reason he could think of why, if the centre setup was correct, it could ever yield different diameters (assuming no significant tool wear).
I had to make at least one error, and so it proved. The middle continuous turned centre piece was supposed to be 14mm diameter, but ended up 13.9mm due to me forgetting to halve the difference to apply to the tool. Thankfully I caught it at 13.95mm due to incrementing down (I took the 0.05mm off to make final cut a fine one).
LENGTHS
Lengths seem OK to within a few thou, but are difficult to measure. I’ll set up in the mill at some point and use the edge finder to bet a better idea of how accurate and consistent they are.

This is after finishing with fine abrasive. I’ve left 0.25mm on the ends (as per instructions), so the centre drillings will end up a bit smaller:

Also added 0.005” undercuts, just because they seemed to look OK, and would remove any doubt as to binding in assembly.
So whatever the wrongs or rights of the method, I’ve finally got the beginnings of a crankshaft!
Edited By Dr_GMJN on 08/09/2022 23:19:18