If you had a milling machine, a better solution might be cutting the splined end off and re-machining the splines. It would take an indexing wheel to get the splines correct. And if the shaft diameter at the cut is smaller than the splined OD, you could build it up with weld prior to cutting the splines. The splined end would be subject to less stress than a weld in the middle, with the bulk of the cross section being original material.
Jerry's suggestion of shortening the flanged end would work, but you'd need to do something about the axle bearing where it runs on the shaft unless it's a free-floating axle like on heavy trucks.

But a front axle would need a u-joint near the outer end, and maybe using a slip on yoke welded to the shaft there would work. A press fit of the yoke on the shaft prior to welding would be even better.

Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.