I am fairly new to this site so if this is in the wrong place please correct me. I am looking for advice on welding 2 turned pieces together and having them run true. I would like to make a chuck adapter plate like in the picture. I will use a piece of plate and a round bar. I plan to machine my bolt circle on the plate and press a small piece of bar into it. And weld. Also I plan to turn some 45 deg chamfers in to get a better weld after I do the weld I plan to machine this true I know the first thing everyone will say is to buy one, but I would like to try this out. I think if I can pull it off I will use this technique a lot. Also I have a hair brained scheme to turn it but I wanted to wait till I could get some pictures to demonstrate my idea and I will make a new post for the project
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I would like to add my two cents, They have given you good advice.
If I was doing it I would likely use HRS plate for the hub and solid round stock or heavy wall boiler pipe for the threaded piece. You are on the right track about the chamfers. I would bore the hub to a slip fit. I would tack weld in four places then weld one inch beads leaving gaps. Let them cool down to room temperature then clean off the slag then finish welding the remaining areas. I would strongly recommend normalize or stress relieve the weldment.
If you only have a three jaw chuck I would bore the inside diameter to the desired diameter. Then remount the weldment, so the outer hub is against the jaws, by chucking the inside diameter and turn all the outer diameters and cut the threads. By doing this all the diameters will run true to each other. Finally remount the weldment so the back hub is facing outward then machine the faces. Finally transfer the bolt holes. Like they said HSS bits will take a beating but they are easier to regrind compared to carbide. Good luck, I like your project.