The Stovebolt Site Forums The Shop Area Driveline Shorter axels

Not sure this technique would work for axles, but as a former career machinist, I have done similar to what you’re suggesting. However, I bored one end (after drilling undersize, you’ll need a boring bar to keep it concentric) then cut the other end down to fit inside for a pressed interference fit. Only a thousand or so is needed. This would eliminate one side of the pin and the interference fit would help keep it concentric. Cut a small bevel on both sides for the weld (1/8” would be sufficent), so you can turn it down flush.

You’ll need to weld a bit on one side then the opposite side letting it cool between welds. Heat treating after would certainly help.