@PeterT : I machined a bore into steel for a bronze bushing that I got just a bit larger than the fit I wanted. I used that stuff to take up the difference in the bore- cleaned both parts with acetone, applied the 660 and then slid them together - but did not push the bushing all in, was going to set the piece on a flat surface to ensure the surfaces were true - flipped the piece over and - nope the bushing was stuck fast and would not budge, had to machine off the 1/16" of stick out I had left. Made a super tight joint.
If the bearing in question is riding on the end of the shaft and you can turn it to reduce the diameter for a sleeve then the sleeve should work fine - add some red loctite for added security and re-machine to 0.625 and then press on the bearing. If the wear area is in the middle of the shaft and no way to sleeve it then you could spray weld. Is there any reason not to make a new shaft? Is there any special details that prevent this? - I will read the total post and see what we are discussing - LOL