The 40mm bolts engage and tighten just as well in any of the holes, I tried them all. I think it's more like someone changed the bolts but only had 2x 45mm bolts laying around

I have plenty of 817M40 alloy steel at work...but then again I have 3 metres of 6082 too

Should be alright if I have it hard anodised.
I know which I'd rather have up on the lathe!
I'll draw a few designs up and see if I can make a steel one light without compromising strength.
It's a lot of work really but I can do it for free - I don't fancy/can't afford £xxx on buying new pulleys.