I've seen that spray welding demonstrated on a couple of youtube channels (e.g. Abom79) for resizing shafts with conventional bearings. I didn't know they had a hard coat material. I guess the heat is more evenly applied with the spray than with TIG welding.
I got the old bearing cleaned and inspected. It was badly pitted as well.
It's a Hyatt - I think its probably the original one.
I've got my new bearing and seal and gasket and grease. I'm just waiting on the axle now.