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Rich,
Now I don't claim to be an engineer or a machinist, but I don't believe the repair your propose will last. What diameter do you plan to make the threaded portion of the new stub? My concern is that any workable size will be a much, much smaller diameter load member under lots of stress. Plus you have the shoulder area of the cam to machine that is probably full of stress cracks... I don't know. If it was me, I believe I would be looking for a replacement cam.
Best of luck though.
Bill
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