How to repair worn axle threads?

The threads on the original rear axles on my 32 are worn and need to be repaired. It appears to be caused by corrosion and some hub removal abuse over the years. Of course I will use new nuts but there isn't enough material left to have any success with just running a die over them. I was thinking of buiding up the metal with weld then running a die over them. Is this the best way to go or has anyone a better solution? I want to do this repair without removing the axles.
Thanks, Jeff.

 

trun axle threads off then build up with weld. remachine the cut new threads.