The more detail that you can provide, the less will be the trial and error. involved.
Making steel or cast iron items of that diameter, and then scrapping them because they do not do what is required will be an expensive hobby.
At least, you need to define the groove more precisely, and the tolerance on the bore.
Incorrect or vague details will only result in some kind soul making an item that is at best, not fit for purpose..
A B section belt with a 40 degree angle won't function well in a 90 degree groove
An open limit, possibly drilled 3/4, bore will be a loose fit on a shaft that is 0.750 + / – O.001", and will wobble or run eccentric, neither of which will be good for the belt of the bearings at each end of the drive train.
You need to measure the shaft diameter accurately, not with a tape measure or 6" rule.
As in "four basic machine operations" I would take six, or seven, plus making an arbor, if you want reasonable accuracy.
Do the photographs of the original show any fixing or lightening holes? If so, more operations required !
I may be wrong in that, but over 40 years in manufacturing industry makes me think that way.
Hopefully, some kind soul will take pity, and close enough to you that you can watch and find out what is entailed in making your pulley; when it becomes clear exactly what is required.
Face to face to contact and accurate measurements are what is needed, before cutting metal.
Based on the information provided so far, it can be made, but you will probably not be satisfied with what you get.
I certainly wouldn't be!
Would you like me to set out the machining operations, and the order in which I would do them, for you?
That would give you a better understanding of what is involved. If so PM me.
Howard