When I was fixing that setup I brought the shaft to machine shop and they cut the ends with lathe. Barely could remove the rust completely since there are threads for flange nuts at the ends and you can't make the shaft OD less than the threads since the saddles wouldn't pass the threaded portions. Than for repairing the saddles, actually - brass bushings (those were bronze originally) I had to purchase a piece of brass round stock about 100mm/4" OD and 400mm/16" long. Which cost some $$. And than a lathe man cut four bushings out of it to the size of the machined shaft. Also you need seals installed into the saddles at the inner side and there are wear rings pressed onto the shaft the seals work against. Those were rusty too which was the initial reason of all the damage. So I had to fabricate them either. I gave them to halvanic shop and they were plated chrome to survive long. So all in all that was quite a story.