Crankshaft welding is a common technique in the racing business, we screw up cranks all the time with spun bearings, blown engines, broken rods, etc.
Id check with your local speed shops, maybe NAPA, or a crankshaft rebuilder. It takes a special welder and crank grinder to do this, the welding is actually done underwater and with an eccentric machine that can follow the crankshaft as it rotates around. I had a chevy 454 crank done last year and had all for the journals done for $355 and had them brought back to std. size. That crank can rev at 7000+ RPMs and works perfectly. Hope this helps.. ron.