I uploaded some photos, including a couple of the shaft in question, but forgot to click the "Notify..." button. The photo folder is called "FT-301 VFO Mechanism Repair" for whoever's interested.
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This little gadget is a very complex way to connect a small gear to the VFO knob. I guess they ran out of room for one more gear. It provides about a 5:1 reduction, though I can't for the life of me see how it works. Some internal interaction between the springs and bearings perhaps? If anyone has a good description I'd love to hear it.
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I've taken a quick look at the aluminum shaft. It doesn't seem to be bent, but I'll look again in the cold light of day.