A few years back, after looking at a few Model A rear axles that I have with damaged key-ways, I decided to call Devcon to see if these axles could be repaired with their product.
I spoke to a technician at Devcon who told me he had already repaired an enlarged, damaged key-way in a vintage car axle with their Devcon product.
He said he:
1. First cut a slight dovetailed looking joint on the full length of one side of the enlarged key-way.
2. Next he drilled a few tiny holes at different angles so the Devcon could grip the axle.
3. He then rubbed a new metal key with a thin layer of automobile wax, and set & clamped this waxed new key in the key-way adjacent to the soft, uncured Devcon.
4. After the Devcon cured, he removed the key to examine same and installed a new hub on the repaired axle.
5. At the time i spoke with him, he said it was still holding after (5) years or so.
I never tried a similar repair; but appears it may work.
One thing I later noticed back then was that Devcon was much more expensive than J B Weld and similar products.