I've never had a B3 apart, but it doesn't sound like a terribly hard job. What I think could be hard is that the material that you use would have to be hardened, at least in the sear area...this is just my opinion. So you have the choice of trying to machine hardened steel, or heat treating soft machinable steel. Most of my metal experience is with sheet metal, aluminum specifically and it's been awhile, but what I do remember is huge kilns and oil quenching baths. I don't want to stop your project, but I would do some research to at least find out what material will work here, you don't want a piston that you can't use, or worse a piston with a sear that is uncapable of holding the spring load. The key phrase here I think is "be safe". Man, what ever happened to the good old days when guys with lathes were just happy making muzzle brakes and Crosman bolt handles?
Dan