The Eutectic metal spray system I purchased recently for rebuilding crankshaft journals has a "hard facing" compound that was included with the kit. Once I get it set up and working, I might experiment with rebuilding those axle shafts. The procedure involves machining a shaft somewhat undersize, putting a series of V grooves in it, building up the shaft slightly oversize, and grinding it to finish diameter. It creates less stress than welding.
Jerry