There are two other approaches that one might take and that is thin wall Titanium Tube (6-4 Ti) or the type we used on very high speed drives.
We used a small diameter very high strength, at the time tool steel rod (T15), to drive high speed (60-70,000 rpm) pieces of equipment. If my recollection mechanism is working the devices were about .072" dia 14" long. I don't recall the power requirements, but were not insignificant.
There several people that make thin wall Ti tube especially for shafting. We looked at these for some of the high speed development work. I don't know the status of the project with straight Ti but they are using a Ti+CF composite shaft on one machine.
I'm trying to find my data on the Carbon Fiber Shafts that we used early on. MikeHalloran may be able to help as the same company made the shafts for Spanish Royal Yacht (big turbine driven speed boat with Z-Drives) given to the Crown Price by King of Saudi Arabia. The one property of the CF shafts was we took advantage of was being able to use longer shafts without the need for intermediate support.