hi peter,
there are lots of ways to approach this, and no wrong or right way.
my GWR King has a formed safety valve cover, which is i believe how peter rich also made his.
my GWR Armstrong Standard Goods safety valve cover was turned very carefully from large dia brass bar. bored to ID, with steps, then put on a stepped mandrel and the outside turned and top inside curve machined. you can get the material pretty thin in the middle by this method which is what you want.
gunmetal is of course unsuitable for the second above method, plus is the wrong colour for an unpainted safety valve cover.
cheers,
julian