I want to make my own custom dogbones out of 1/8" thick 1" cold rolled flat bar. 
Is this safe?
Has anyone ever is this and how did it workout?
I've been told cold rolled steel has a very high tensile strength and is one step below grade 8. I want a custom ride height without spending a lot of money. I'm very good working with steel and wood.
Thanks for any help.

You can do anything u like as long as u do it properly.

PS......personally i would go slightly thicket than 1/8''

I've got 3 sets of links; stock links are steel, Pingel links are 7075 T6 aluminum, and Burkhart links are 6061 T6 aluminum.  All are 1/4" thick so I think that would be best for you for strength and so stock bolt length will fit.

I've  had  the Pingels on for years now, they have a 13/16" wide neck and fit has never been a problem.  I've never used the Burkhart links with the 1 13/32" wide neck but one member reported they hit a weld lump on the swing arm so the 1" wide is as wide as I'd go, the stock steel link necks are 5/8x1/4"(6mm).  Links come close to the swing arm.

http://www.gs500.net/gallery/data/500/LinkDims.jpg

As a machinist, I'll just put in my .02. The aluminum will be easier to work with, and will be perfectly fine for the application. Just make sure you use 1/4" stock. 1/8 is just to thin, even in steel. It will take you far less time and effort, even with their simple design.

You know, adjustable lowering links are pretty cheap on eBay

I made my own out of plate slightly thicker than stock.  Why risk it.  Easy to make -just have to make sure both are the same.  I tack welded mine together before drilling.

Thanks for all the input. What do you all think about 3/4" wide, 1/4" thick cold rolled steel?

That would do the trick. Have at it!

OK if your going to shape them like dogbones but if you mean 3/4x1/4" straight all the way end to end the 12 mm (approx. 1/2") holes would be kinda close to the edges.  The shock in tension of the bones when the suspensin bottoms is why they have that shape.  I'd rather try at least a 1x1/4" cold rolled bar to make a shapless pair of links the easy way.  Clamp them together while drilling to get lengths equal.

The 3/4" wide cold rolled is the widest we have at my job but I can get 1" wide 1/4" thick cut from plate steel off our shear. It's mild grade steel I think.

I was able to 1" wide x 1/4" thick regular flatbar. Will this work. It's just plain old carbon steel flat bar. Thanks for the help.

Carbon steel is going to rust. I assume you're going to get these powder coated because I don't see spray paint holding up under the bike

If I get them fabricates soon enough I'm going to get them zinc plated but if not I'm going to put them on our powder coat line. I'd prefer to ha e them zinc coated though. Thanks for the input guys, it's been a real help.