I have made these and other silverware items for years. I just use needle nose pliers to bend them. The key chains are the easiest things to make, becuase you don't have to drill through them. The silverware eats up drill bits!

I have tried several different ways of cutting them and I've found that using a really heavy pair of snips is the easiest (I've tried different saws, but since they are so small, it can get dangerous! ; ). Then I file them down with a heavy metal file. I haven't polished them before, I like the tarnished look, but I would think silver polish would work really well!

I have, I have a couple of styles
Here is one.

I forgot to answer your bending polishing question. I use mothers chrome polish from the automotive department at Walmart. It shines things up nicely. I bend them with a vice and needle nose plyers. I use a drill press if I'm going to drill holes. I do a lot with flatware and these are the things that work the best for me. Getting a tight enough bend like the one in the picture above is a bit tricky. Choosing the write flatware is key as well. Stainless steel does not bend well. Good Luck.

Robolady is the master of this sort of thing...I just wanted to add that I cut them with a small pair of bolt cutters, and file to smooth.