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Matt's got it right. There is also the issue of fixturing a ring that is 16" in diameter (with probably a 15" inner diameter) and a half inch thick. That thing is gonna move and flex, and getting a finished product that holds the tolerances you'd need for a wheel might be difficult.
Also, I'm betting that the shop that quoted you $1500 is probably taking into consideration that they might scrap one before they nail down the process.
Good luck.
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