Brian, there's two ways I can think of to mill a thumbstud (both of which I admittedly learned from Grimsmo's Knifemaking Tuesdays). You can mount your stock (tube, sheet or bar) in the jaws and have your mill interpolate a circle to cut a cylindrical shape, or mount round stock in your mill's spindle and mount a lathe tool in the jaws (essentially using your mill like a lathe). You definitely need a CNC mill for the first method, but I'd imagine you wouldn't for the 2nd. The lathe is still the "proper" tool, but I can't fault someone for improvising when they lack the equipment.