-Cutting through weldments almost always risked trashing the cutter in the process. It may be a faster method to lay fillet for buildup but machining it could be unpredictable (depending upon the filler used).
-Seems like more trouble to some but I prefer using new steel too. Laying in a new plate also allows the option of choosing a separate bushing material that would hold up longer than most plate steels will. A flanged bushing could even be fastened to the plate (drilled and tapped) for easy replacement.
Don't tell my old boss but 6013 rod was the best fill weld. He insisted on 7018 which was harder.
So I saved up the stub rods of everything as filler and used the 7018 to fill gaps in plates and the 13 as wear filler.
I also could never read the measuring caliper so I used CAD, cardboard aided design, and the eyecromiter to do what he called excellent work. All the bolts and bushings always lined up.
On one off damage repair that worked. I would never fake it on aircraft had I the opportunity.