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Yeah, I was thinking of making the cut about 40mm up the steerer, using a 50mm internal tube. Meaning I’d only loose 65mm of space for the stem. The steerer is around 200mm so should be fine for clearance.
I’m normally of the same mindset as you, with a it’ll be fine, but last time a fork failed on me, the drop out ripped out of a carbon/aluminium fork, I woke up in A&E 8 hours later. But maybe MIG is a step too far.
Like @Hulsroy I’ve done a fair few steerer extensions. The age of the steel isn’t something that would concern me but that could be foolhardy stupidity rather than anything scientific.
If you have room to slug it and still get a quill stem in it then I say go for it. Are you remembering that the existing steerer will be butted? Your diagram makes it look like you’ll be working at the very bottom of the existing steerer where the butt will be.
There are builders who will say this is the wrong way to do this and would want to sweat out the old steerer and braze in a new one but my personal feeling is that you’re safer slugging and extending than whacking all that heat into a crown and hoping that the silver doesn’t melt out the leg sockets as it melts out the steerer one. Again, I have nothing scientific to back this up.