Is the hub (the part that the sprocket bolts to with five bolts or so) pressed onto the axle? or was it welded? I think the axle was probably hardend at the factory. Heat from welding may affect the treatment that has already been done at the factory. I don't know this, I am only guessing. I had one of those (1985 Honda 250R) many years ago and I can't remember how it all fit together. I swapped my original length axle out for a longer (wider) axle and had all that apart when I did it. Maybe the Honda dealer near you can help with identifying the materials used when those axles were machined out.
Good Luck with your project,
John Wright