Hi, Clemson,
I agree that welded on bolt handles are OK, most of the time, and agree that the competence of the welder is important. But I have seen some come off, though I was kidding about the big buck. All things being equal, I would really prefer to bend the bolt, and yes, I have done a lot of them that way. I have also done quite a few of the weld on type and AFAIK, none of mine ever came off.
The advantages of welding on are that you can get a nice looking bolt (band of knurling, or pear shape) with less work, and get a longer handle for better leverage. There is also less grinding and finishing work.
Of course, protecting the heat treatment of the bolt is a necessity in any case. You need not only the paste, which only prevents scaling), but also a heat sink, like a copper rod (a piece of ground rod works), inside the bolt body. Wet rags around the bolt head are good too, but in bending, the blocks usually provide enough heat sink to protect the head. You need to protect not only the locking lugs but also the cocking cam and on a Mauser 98 or M48, the safety lug.
I sure agree about getting an old bolt for practice.
Jim