I finally got back to posting on this. I have been using a 0.016" slitting saw in a slitting saw arbor, with my cheapo (HF) X-Y vise to slit axles. This allows me to use a small precision screwdriver to turn the slots. Here are some pictures. First the overall setup:
I have gotten by just using a wooden block to hold the axle. I use a screw to act as a backstop and bolt the vise down to the drill press table. The saw blade I am using is in the 1 1/2" range. This gives me more working room, but you still have to space out the block from the vise jaws so they the edges of the blade aren't nicked. Here is a close up of the blade by the axle
I am able to cut the slots with 4-5 passes of the axle past the blade, running the DP at a few hundred rpm. The XY vise helps me easily control the depth of cut and movement of the axle past the blade. Here is the result
Sorry for not the greatest pictures ! I think you can get the idea though.
What I like about this method is that it is very quick and as opposed to the simpler, cheaper methods, the blade doesn't wear out, at least not quickly. It's obviously more expensive though, in the range of $50 for the custom arbor and a few sizes of saws. Setup is pretty quick since, as you see, I mark locations on the DP table for the vise, ballpark the height with the DP table adjustment and then insert an already slotted axle into the holder. Then I make the final height adjustments by moving the slitting saw arbor up/down in the chuck as necessary. I would prefer an aluminum block with #43, 44 and 45 axle holes, but I haven't seen my buddy Goat Boy make these yet !

I have gotten by just using a wooden block to hold the axle. I use a screw to act as a backstop and bolt the vise down to the drill press table. The saw blade I am using is in the 1 1/2" range. This gives me more working room, but you still have to space out the block from the vise jaws so they the edges of the blade aren't nicked. Here is a close up of the blade by the axle

I am able to cut the slots with 4-5 passes of the axle past the blade, running the DP at a few hundred rpm. The XY vise helps me easily control the depth of cut and movement of the axle past the blade. Here is the result

Sorry for not the greatest pictures ! I think you can get the idea though.
What I like about this method is that it is very quick and as opposed to the simpler, cheaper methods, the blade doesn't wear out, at least not quickly. It's obviously more expensive though, in the range of $50 for the custom arbor and a few sizes of saws. Setup is pretty quick since, as you see, I mark locations on the DP table for the vise, ballpark the height with the DP table adjustment and then insert an already slotted axle into the holder. Then I make the final height adjustments by moving the slitting saw arbor up/down in the chuck as necessary. I would prefer an aluminum block with #43, 44 and 45 axle holes, but I haven't seen my buddy Goat Boy make these yet !