It's kind of a risky situation. As a machinist I've been asked to do it but it was always with something that wouldn't kill someone if the shaft broke. On a pump or some cases where a catastrophic failure wouldn't create a problem where someone might get hurt it's no big deal. Any time you remove material, your risking making the shaft weaker. When engineers design shafts a lot of time they'll design a 2 to 1 safety margin. However another keyway can create the opportunities for damage to the axle exponentially and it'll increase the opportunities for failure. I guess I'd bite the bullet and find a new axle. Last summer we had a fellow get killed on one of the tours for the national meet in Rochester. They believe it was because of a part failure. His wife was critically hurt and he was killed. After seeing that happen I don't take chances with anything connected to the front end or rear end. JMHO.One key way was bad (?) so they cut a new one. No comment on if this would be a good idea or not.