That sounds like a great idea! We have a few metal lathes and a milling machine, will surely get me a better mark, lucky i know how to use them both! Is there a diagram of how to make a 40" rear axel? Or something similar.
Well that depends on your design. An example, is a piece of 1" crs shaft with 1/4 keyway and it be 40" long. There is your axle, you just have to hang it now.
..and that depend on your tire/rim hubs acceptability.
Options are bearing hangers(many types, racing or cheap ones), or pillow blocks(flat flange mount or proud surface mount, for ex.).