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The tolerances are just too small to be achieved accurately by feel. A dial indicator is required if you want to do the job right. If you just want to rough it and hope for the best, that's one thing. Welding will ruin the knuckle and cause much more grief.
If the OP is planning on replacing the bearings, he should have a dial indicator for when he's adjusting the new ones. If so, it's worth a shot to try and tighten the old ones back to spec. Just don't go too tight because looser is better.
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