If one wants to weld up the surface or build it up using a spray weld technique, that can be done, I suppose. However, if you are going to do any welding, you might as well remove the darn handle, locate it where it should be, and have it TIG welded in place. I actually think this is the BEST way to do it but since I never have had a TIG welder, I have never done it and have relied on silver brazing. I believe Guntech has had some done this way and can probably tell us more about the results.
I received some really good info from a fellow in Alaska who has done hundreds of welding jobs on 700 bolts... I don't tig or mig but I have set up a couple of handles and had them done by a shop... it really important no welding takes place on the front edge of the bolt handle... just too hard to reshape that area where it cams... spot a couple of places on the back and check for function, then a big weld under the handle and on the back and on the top... file the top, a clean weld on the bottom can be left, clean up the back... cut a relief on the bottom and top for the weld to penetrate before clamping the handle in place. You can clamp it with an altered small pointy Vice Grip and check the function in the action... and after spot welding take the Vice Grips off and thread in a brass heat sink...
Pain in the ass job... the initial cam area on the bolt and action is the biggest weakness in a 700 action as far as I am concerned... the bolt seems to 'pound' a dimple quite quickly with hot loads...