This starts to sound like the old "mechanic in a can" discussion again.
Loctite is NOT designed to replace worn out or damaged parts. It is meant to be used as part of the design to reinforce a bond. As others say, it is not meant to be a shim.
There are a number of things working against Loctite. First is that it is running in oil. This will compromise the bond. Stress on the parts will also compromise the bond. Heat is another enemy. Actually, that is how Loctite bonds are released in many cases - by heating them up.
The machining and sleeving are so far the best options short of just replacing the damaged shaft. Cutting it down and using a bearing with a smaller ID is also a good option. After all, you DO want to return this machine to service as a RELIABLE piece of equipment don't you???
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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