Further to what I was suggesting as a possible repair route; The mandrel used to mechanically bring the barrel back into shape would be left in place during the weld repair. Copper or bronze backing plates are used on the backside of a seam weld to prevent burn-through, and the weld will not fuse to the backing material. The seam to be welded up would be V ground for a good weld prep, and dressed down afterwards.
I did some consulting work for Pine Tree Casting, in Newport, New Hampshire, which is the investment foundry owned by Ruger Firearms. A great deal of the parts used in their firearms are investment cast, including cylinders of their Vaquero revolver, bolts for the Model 77 rifle, and even triggers. Even lost wax investment castings will have the occasional surface defect, and they would commonly TIG weld these parts, as part of the manufacturing process.
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