You can machine it with HSS no problem, not quite as free machining as EN1A but basically the same as silver steel.
The easy way to get some relief is to hold the piece of bar at an angle of say 5-7 degrees in the mill vice.
Provided you don’t have too much sticking out the tool post, something like 10mm x 3mm or 3/8 x 1/8 would do the job.
I just heat the working end with a blowtorch to cherry red and quench in water. I don’t bother about tempering.
Hold at an angle, mill across the end then using an 8mm cutter form a half circle, depending on your mill you may be able to feed in sideways or if less rigid make a series of plunge cuts moving the work over in say 0.5mm steps.

Take a 1.5mm cutter and form the half round bead detail, I would definately plunge with this, 0.1mm stepovers

Probably not needed on this simple form but you may find the sides needs a small amount of relief which can be done with a half round needle file before hardening.
