Hmmm. Intereting idea.... How about this...
3/4" dowel stock, cut to desired length, Center bored 5/16" on a lathe. Let's say desired length is 2.5", center bore should be say 1".
1/4"-20 all thread, cut to 2".
1/4"-20 nuts.
2 part epoxy.
Cut, center bore, and relieve / taper the ends as desired on the lathe.
Apply epoxy to 3/4" of the end of the all thread, so that when inserting into the dowel stock, the gap is filled. Allow it to set.. Once hard set, polish, epoxy and again polish the dowel end so you get a nice finish. You can use CA glue as well...
Drill a 1/4" hole in the tab as you guys show.
Mount the new handle using said nuts. All metal locking nuts are best...