HELP-1970 1/2 ton rear axle shaft

[jgrh64]

I've recently invested a ton of money in the old truck and I'm running thin, so I need a cheap fix for the drivers side rear axle shaft. I went to change the brakes and found the rear seal was leaking so I pulled out the shaft and seal and noticed the seal looked almost new so I looked at the shaft and the bearing had worn a grove into it can it be welded and reground cheaply (is it OK to do this ?) or can I get a sleave to slip over it ? any thoughts ?