Perhaps I wasn't clear. I meant that if the surface of the sprocket taper could be built up with some sort of plating (hard chrome), then the sprocket could be lapped to the existing taper, and NOT be too far in on the shaft. Why would the chrome plating need to have any fine finishing if it's going to be lapped to the taper of the shaft again after chroming? (It's a question, not a solution I'm proposing)
I watched that metal spraying video the other day and that's essentially what the machinist did, except he did it to the shaft, then turned it back down to recieve the race. Why couldn't it be done the opposite way? build up the sprocket taper, then lap it to the shaft....