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Interesting idea. If that doesn't workout, you could try to make the crank arm out of wood with a hole small enough to press fit and add a set screw. You could reuse the handle from that crank.
I can't see how a failure can occur. It's almost a press fit to the shaft and the set screw pulls it even tighter. It was touch and go sanding it down on the belt sander tho - fingernails got really close several times lol
