Many thanks for these ideas.
Obviously a replacement would be best, though you must provide an exchange unit when purchasing and my unit was not acceptable.
To follow Clive's suggestion of 'mini' dutch pinning, I think I could use a 1/8" peripheral end mill and working on the inside of the hole, put some 1/16" (nominal) deep internal grooves into the circumference. Then I would put corresponding external groves in the shaft again 1/16" (nominal) deep so I end up with 1/8" diameter holes on re-assembly. A bit of trial and error on the depth, but hopefully this avoids a lot of snapped drill bits.
Plan is to have nine grooves/holes; this gives a space between the grooves/holes of about 1/8".
If I'm lucky there may be some deflection of the cutter at the lower end as I mill the grooves out, which would give a slight taper to the groove.

Thinking aloud, I could start by cutting just 3 grooves/holes to test the principle; if it's not going to work I can revert to the welding route and use the grooves for the plug welds suggested by Gordon.
Any further thoughts will be very welcome.
Edited By Darren Cooper on 03/06/2014 20:51:23