I vote for oversizing the existing keyway to minimum clean up in both the axle and hub.
Then make a custom key to fit.
Do you think that was originally a tapered fit? If so, look into taking some off the inside length of the hub to allow the drum to go further on the shaft to tighten up the taper. In the picture it appears to be straight, or used to be straight. If it was originally tapered, there will be several degrees of taper. The taper you are seeing may be wear. If worn from running loose, not much you can do but get the key fitting best as possible, clean up all the rust and grease, go back with some Locktite or epoxy to try to hold it best as possible. Be sure the nut, threads, and washer are in good shape and will tighten without bottoming out, may need a thicker washer.
I would not weld on the axle. The heat could change the temper, cause it to break under load.
How is the other side? Does it need the same before it gets any worse?
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Today's Featured Article - On the Road with Dave Gohl: Auction Musings - by Dave Gohl. I was thinking the other day about all the auctions I've been to in the last few years. There've been many. Some have been very good, some have been well, disappointing to say the least. But no matter how good or bad auctions may be, we always seem to stay until the item we've come for or are interested in is on the block. I've been to some auctions near and far. I think the furthest has been the Two Cylinder 7 in the Amana Colonies last year. Lots of stuff, lots of people. I've also atten
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