Niko what lathe have you got? I would use my 6mm Lorch, very sharp tools highly polished, as I approached the 0.45mm I would start No2 cut Pillar files and a No6 cut dead smooth pillar/pivot file. I would finish using a well made burnisher.
Given a choice I would use annealed Pivot steel (Try Walsh & Co). If not silver steel and plenty of Dortan 25 neat cutting oil, but burnish dry or with traditional lubricant – spit.
I would make the gear wheels fit the arbours and not the other way round.
regds
Dick
Ps
Niko there is another way which is to use a Jakot tool. You will probably need one to make the pivots at theends of the arbour.
Edited By Richard Parsons on 28/02/2012 13:52:30