Chris - nice technique. I made similar looking fittings on my lathe. Your method is faster, but I was able to match the diameter to the bit I used to drill the deck. I bought 3/16" bronze rod from Hamilton Marine, because I thought stainless might be too shiny. The bronze turned a very funky green after two outings and blends in well.
The fittings work especially well for hatch hold-downs. I used crossed bungees over the lids, and since they pull from below deck level, they exert a nice downward force.
Mike