Careful with welding on the rod cap. If you weld on it make sure that it is round when you are done. Welding will distort the cap and also anneal the rod cap (that is a forged part) so it will be softer than it was before the welding. Also the inner surface of the rod cap is hardened to work as a bearing surface. Grinding too much on that surface will also soften it and it won't last long under the contact stress... These rod caps are generally opened up for clearance but doing that only takes about a half thousandths off of the bore (or about a quarter of a thousandth off of each side) so there isn't much of a problem with taking too much of. But if you take off three thousandth's from a surface you are likely to be getting through the hardened surface and the surface will spalling off in short order.
If you change the bearing clearance by a half a thousandth then that's a lot, so you will probably have to clean it up when you are done welding.
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