For a 4516, I believe you could also use a 457 guide rod, which is already .236" and would not have to be modified. It is blued rather than stainless, of a one-piece construction (non-staked), and available at Midway for around $12: Smith & Wesson Recoil Spring Guide Assembly S&W 457 457D
You could also keep your eye out for a 4513TSW or 945 stainless guide rod on the used market.
You could also keep your eye out for a 4513TSW or 945 stainless guide rod on the used market.