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Talked to the CV guy. He said the best method, used by rebuilders who are doing radical conversions, is to cut it, take a slug of steel and friction weld the ends to it, then you turn the slug down to the diameter of the axle and wala, you have a thru welded and balanced shaft. There are places that can do that, he couldn't remember the names because he's been out of that for a few years now, I imagine you could just try to find a rebuilder willing to indulge.
If you go ahead, if you haven't already, welding it up your self. The aircraft guys who do tube welding repairs of older aircraft will do a similar "but" type joint repairs to tubes that have cracked. They will "fishmouth" the end of the tube that slips over the existing part so that when they weld it there will not be a stress concentration around the circumfrence. They will also only weld a 1/4" at a time. Alternating 180 degrees apart, kinda like torquing a wheel on a car.
Now get to it!
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