I vote for oversizing the existing keyway to minimum clean up in both the axle and hub.
Then make a custom key to fit.
Do you think that was originally a tapered fit? If so, look into taking some off the inside length of the hub to allow the drum to go further on the shaft to tighten up the taper. In the picture it appears to be straight, or used to be straight. If it was originally tapered, there will be several degrees of taper. The taper you are seeing may be wear. If worn from running loose, not much you can do but get the key fitting best as possible, clean up all the rust and grease, go back with some Locktite or epoxy to try to hold it best as possible. Be sure the nut, threads, and washer are in good shape and will tighten without bottoming out, may need a thicker washer.
I would not weld on the axle. The heat could change the temper, cause it to break under load.
How is the other side? Does it need the same before it gets any worse?
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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