At a guess, I'd say the dowel is tool steel of some variety. You could tell by rubbing it gently with a file - this will skate over tool steel, but mark good old MS (of course).
Generating heat may be a way to free the pin from the old cam. Why not grind on the back of the boss with a metal grinding wheel in the 4". This will warm the area quick smart; with Vise-Grips ready, you can pull that pin out.
Amazing how things bed together after so many years...
Adam.