Ok, peg making 101
Since I don't have a Froe, I make do with my Axe.
Here is my Shaving Horse adaption to my work bench.
Once split it needs to be squared to size.
After squaring remove the corners to produce an octagon.
A taper may be introduced at any point in the process.
After I'm finished making a tapered octagon peg, which may be slightly over-size across the flats, I will them drive it through a hardened steel Die which has been inlet into the front beam on my work bench.
Here the Die has engaged the peg.
I was a bit close for this next photo but you can see how the Die works.
The finished round peg with Octagon tapered end.
The process (not including the splitting part) takes about 2 to 3 minutes each.