[1/2 Ton]

Gotta start off with the SRM is your friend!

That looks to be one of the primary covers alignment pins. Look at the perimeter of the primary cover, there is 2 or 3 large pocket holes those pins fit into. Matching pocket holes on the inner side. Some stick to the inner and some to the outer case when removing the cover. Then there's the lucky one that falls out, just to make the mechanic say "WTF are you?"

Good luck with your project!

 

[1/2 Ton]

I appreciate the reply, thinking back on it there were no alignment posts for the primary cover only the bolts and the two bushings for the two horizontal bolts.

Looks more like a roller bearing, the alignment pegs are usually hollow spring things.
What year Sportster ?

From the picture, i couldn't tell if it's solid or hollow.
What's up with the end to the left side of the picture? It looks like a fractured guide or something. I would like to see a picture from the end. (The rough end) the machined end looks to be a normal chamfer (although a bit crooked). Certainly wasn't chamfered on a lathe. Need some end shots of this thing.

 

[1/2 Ton]

Solid with one "rough" end.
Not a guide pin for sure. I would look hard at Schmidty's idea of it being part ot the clutch adjuster.

Item #6 in this link. (says not available) But I would dig it out of the bike to ensure if it is broken or not. May have to hunt aftermarket for one:

Genuine Harley-Davidson OEM Service Parts | Harley-Davidson USA

Purchase genuine OEM Harley-Davidson service parts from Harley-Davidson. Search by make and model to find nuts, bolts, clamps, and more.

www.harley-davidson.com

Or go desert parts hunting with a magnet... So ya can provide both ends to a machinist so he can make you one. (About worth a 6 pack or so)