I haven't done it but think it's worth while. Rather than machining I'd go with lengths of 7/16" rod with a washer welded to one side. Same on the other unless you want to do the whole track with cotter pin/washers.
I think this may be an option to give more life to worn out track. The holes in the track links wear to oval which you can't do much with, but the links themselves wear and 'notch' on the bearing surfaces so replacing them with as new diameter pins will gain you back a good number of links.
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