Ancient, I realize, but came across this in a search.
OK, first off, I have seen a LOT of terrible work done by local machine shops. Great machine work, terrible metallurgy. Colled rolled in place of heat treated alloys? Is substantially inferior (!!!) compared to original pins and bushings.
I am looking at a similar project on my TB15. I intend to use O1 tool steel for the bushings and 4130 for the pins. O1 holds tolerances well during quench and temper and has good abrasion properties. 4130 is weldable pre-treatment for the collars- not many heat treatable steels are as suited to this.
Cold rolled might work in a pinch, but it will wear poorly (very poorly) compared to any heat treated alloy. And if it breaks, prepare for some spectacular damage. Sometimes this failure bends things BADLY, requiring significant fabrication to correct to a useable condition.
If that's all you can do in a pinch, it's not the end of the world. I still haven't gotten around to replacing a couple cold rolled pins in my backhoe that I put in to get working. But I also realize that they are risky and substantially inferior.
PS 4130 shows up pretty regularly on Ebay as "drop". Save some $ and since the pieces are shorter, the shipping is often free.