It can be done but is a bit of work - I think I wrote a note here a while back on how I refaced a couple of anvils. The AR500 will probably work but you may draw some of the hardness when you weld it. It would be advisable to weld and let the plate cool so the whole thing stays below 300-400 degrees. I welded mine from the center out to the edge so I set the plate on 3/8 round rod that went around the hardy and pritchel and down the middle of the face. The material around the holes prevents weld metal from enterign and causing interference later. This also allows getting an electrode into the root and welding more or less homogenously all the way across so there are no dead spots.
We use AR500 for armor on architectural elements such as doors and window frames - it is tough stuff and pretty hard, I think around 50 Rc.
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