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Welding precision components has always scared the daylights out of me due to the fact that as soon as you place a puddle of weld on a piece of steel two things happen:
1. Expansion at that point
2. The structure of that steel changes.
As it cools the weld now starts to shrink, things move and more than likely the camshaft is a different steel/hardness than the gear is. More often than not there will be tiny cracks in the weld. You can almost guarantee that any alignment/concentricity will change/most likely be worse.
Much better off to utilize a retaining compound. It would be even better if a small band could be machined/ground into the gear such as .250 wide and .003 deep to give the retaining compound a spot to hold.
I was trying not to get wordy, but Rob has this covered.
If you look as the ID of the gear it’s been induction hardened. You can weld hardened metal, but you’ve lost all control over the metal crystals. It’s never somewhere I can to go in a shop environment.
This is the brochure on their retaining compounds.