Thanks CZ. I agree with you on the material being of similar properties in that the pin should be of low carbon and casehardenable. It should also be of nicely machining alloy. As you likely know, 1020 or the like is a large grained steel that machines with a poor finish. I would pic any of the many leaded mild steels for this job as I think they are a great match and intended just for these type of applictions. The small amount of lead makes the steel very nicely machineable and has little impact on other properties, sans weldability.
