Hello,
I have some experience working with sheet metal in a couple of job shops. First of all- What are the dimensions and tolerances for the part? How thick is the metal? How many parts would have to be made?
Either way, this particular part would be a nightmare to make out of sheet metal. I suppose, in theory, it could be done, involving some fancy tooling and complicated operations, but the radial grooves, in particular, would be very problematic. So much so, that, I think, in practice, you might as well call it impossible to manufacture and just switch to making this on a lathe. Further still, the way you have those grooves made right now, I think this part is impossible even in theory, unless you invent a new method of manufacturing. Again, it all depends on the required precision. If any old groove will do, then it's quite doable.
Still though, if you don't plan on making thousands of these, you should just make the part on a lathe- it would be much cheaper.
Why are you considering sheet metal in the first place ?