We'll probably see many approaches.
My 1st reaction leans towaed a wrapped sketch, normal cut, draft the face.
2ndly, Create a bluesuft or lofted surf and simply replace face. creating the desired surface is the trick... but i think with the right cross sections and some circular guide curves we can get there...
Lets wait for @Imics to post us a video!!!
i had to take a stab at it...
this is ordered.
procject a sketch symetric onto od
priject a sketch symetric onto id
turned to blue surf
I had a request to share the part file so that users could see the steps...
So I recorded a short, dirty, screen capture video (with audio) walking thru the process and am attaching the part file as well.
hope this is helpful.
video link: http://screencast.com/t/tLkgRahI1