For those that want accurate information on Loctite 660, the data sheet can be found here
https://www.henkel-adhesives.com/us/en/product/retaining-compounds/loctite_660.html
It's also $11.99 for a tube, so I'm not sure what the "have you seen loctite prices" thing is about. $12 is a lot less than a spray weld and machine work will cost.
https://www.amazon.com/dp/B000O03DK0/?tag=fabo03-20
Loctite 660 was literally designed to repair worn parts without remachining, specifically keyways and bearing races. So it's perfectly suited for repairing a worn hub for a bearing race. It was designed for gaps up to .02", so, that would mean the outer diameter of the race could be .04" smaller in diameter than the inside of the hub and Loctite 660 would still work. It's release temperature is 250° C, so, that's 482°F. If your bearing race hits 482°F you have a serious problem. High temp wheel bearing grease will boil around 450°F and has an ignition temp of ~500°F.
So as long as your hub/race clearance is within the specs of the Loctite 660, that's a perfectly viable repair. Spray welding and machining the hub would be a more permanent solution, but even the spray welding process doesn't create the same product as when the hub was new. It's still a repair involving different materials than the original metal. It also has a range of acceptable uses, just like the Loctite. And you can sleeve the hub too, but in that case you have two places where things can fail, at the race to the spacer and at the spacer to the hub. Done correctly it shouldn't ever be an issue, but regardless it's another place for potential issues. Bottom line is use a repair that's suited for the amount of wear you have. Even a brand new hub can spin a bearing race if it's not toleranced correctly.
Of course you could always go to 73+ disks which have the hubs integrated into the rotors, so, new hubs with every set of rotors and if you spin a race you just buy a new rotor. But that's a complete brake conversion.
Also, just some trivia for those that don't know, but truing tires was a common practice for bias ply tires. The manufacturing process of bias ply tires frequently meant they were out of round, and shaving them down to be true was something most tire shops used to be able to do. Radial tires generally don't need this and typically only racers shave their radial tires, but it's not to true them, it's to reduce weight and tread depth for better performance.
Truing bias ply tires
Truing Bias-Ply Tires - Street Rodder Magazine
Shaving tires for autoX
https://www.tirerack.com/tires/tiretech/techpage.jsp?techid=67
