There's nothing wrong with having a crankshaft journal welded and reground as long as it's done by a competent machine shop. The crank should be checked and straightened if necessary after the welding operation, and the finished shaft should show no evidence at all of the weld- - - -no pits, slag holes, etc. The most common method of building up material on a crankshaft journal is the "submerged arc" process, where a flow of granular flux is directed toward the journal and a wire-feed welder deposits a layer of material under the flux. Overlapping layers of weld are built up side by side until the entire journal is covered, then the surface is reground back to original diameter. Done properly, there is very little heat buildup or distortion of the crankshaft. I've run welded stroker crankshafts in some very high-horsepower race engines with no problems at all.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!