One thing not mentioned, and lots of guys are making assumptions, but WHERE on the shaft? WHAT rides there? Bearing? Bushing? Sprocket/gear?
In a pinch, it works and if money is tight, by all means do it. Being a machinist I try to do it right if at all possible but even I have had to weld & grind something down in a pinch.
Some guys are ready to condemn a practice, but some times it's all a guy can do to get the equipment back in the field. While I would build it up and spin it in a lathe if at all possible, it's-your equipment...-your budget...-and your time... Do what suits you and gets the job done.
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