"admittedly there is the cost of the press tool to consider,"
Hi Graham, Not sure if your machine was built in Europe or Far East, but just FYI the cost of stamping tools in the far east has dropped like a stone in the past ten years. It has never been less expensive. Also these days a part like that would likely be laser cut or waterjet cut up to yearly qtys of parts around 1000 pcs. After that a set of dies would be cheaper.
I agree with all who have said the part design is not a good one for cast iron. The part should be made of steel for safety, if made to the shown shape and dims and under heavy spring tension.
(As mentioned before, those fitting gas filled struts should be aware that manufacturers rate these for 2000 cycles only. If you can get a cheap spare when buying the first one, it would be a good idea if you use the mill and move the head a lot.)
JD