How about this?
Take a piece of material, at a little larger than the across internal flats dimension of the octagon.
Turn down to the "Across Corners" size of the octagon, for more than the required length,
Mill the faces of the octagon, to produce a snug fit on the workpiece..
(For consistency, could the octagonal workpieces be made by forming from a piece of tube? Implies making press tools of some type, but for multiple pieces worth doing. Possibly not feasible with just a ML7 in the workshop)
At the same setting, (i e do not disturb the material between turning the two diameters) turn down a short length for a short distance. This diameter will be concentric with the larger diameter from which the octagon "bung" will be made.
The original major diameter can be held in the 4 jaw, the octagon will provide the drive to to precious metal workpiece, and the minor diameter can be clocked to ensure that it is concentric.
Once set to run true, it is a fixture on which a number of workpieces can be processed
Presumably the object is to face the octagon to length, so the first one will result in removal of the corners of the octagon for a short distance. Facing the other end to length will remove some more of the corners, but once done, there should still be enough material left to provide the drive to the metal workpiece.
Howard
Edited By Howard Lewis on 16/08/2018 13:45:15