Hmmm 4340 for bearings at that very high hardness [~=275-to-300-KSI]... seems a bit sketchy for several reasons.
What exact material/spec (conventional 4340, or VAR 4340 [4340M])... made per what specification: ASTM, AMS, MIL, ISO, etc?
Do we assume that this is a plain' sleeve bearing? with or without a flange? with or without lubricant grooves and holes?
Are You planning to rough-machine, then heat treat, then finish-machine/drill/grind as per shankarviyer's advice?
What spec are you heat-treating/tempering 'per'? Are You adding in a stress relief HT after finish-machining, before splitting?
Surface finishes: 125-microinch RA on mounting side? 8-microinch RA or finer on the sliding side... and/or a honed cross-pattern [for lube retention]? flash-chrome or other finishes applied to either side?
Are you splitting the halves with laser, water-jet, etc? Any-notch-outs? IF mechanical slitting... be careful regarding temper embrittlement due to friction
Regards, Wil Taylor
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