Incidentally what type of steel or do you have flexibility?
If you took a length of cold finished round bar and machined three quarters of it away it will distort; it is difficult to predict which way but my guess is that the flat side would go concave. probably it would still be within your .02" tolerance but it might look bad and the flat side would certainly not sit flat on straight surface.
The best material would be hot rolled if a mild steel is okay and annealed stock if you are using an alloy steel such as 4340. If someone is asking for it to be made from C1045 ground shafting good luck.
