Bench Top Lathes???

you could possibly turn the seal surface down and/or use a "speedy sleeve" to restore the seal area.

You're right about that. Speedy sleeves have their place, it really depends upon their environment.
In light duty situations, they're a life/wallet saver. But in industrial/farming, not so much. often times seal loads, combined with dirty oil, spells death to a Speedy. And given how much you'll shell out for one X's how many times it will need to be replaced. (yes, I've seen it) The smarter money is to either replace the shaft with OE parts or make a new one.