I've seen the occasional void in the casting. It does happen.
A threaded stud as shown in the link would work. Or, the replacement knob could be made with a threaded stem which could fit a hole drilled and tapped in the shank. Only downside that I can see to threading the shank internally is that the threaded hole is less than a quarter of an inch in diameter. There is not a whole lot of steel in the shank.
I have seen 700 handles altered by cutting the shank and welding, not unlike the conversion done on a Mauser bolt, except part way down the shank. One would have to be extremely careful to protect the brazed joint if this is done.
I've also altered Savage 110 series handles. The handle is a separate piece, so it can be mounted directly in a lathe, no jig needed. The knob area might need to be annealed before machining.