speedchaser wrote:
I would hate to say this but if you look at that end it looks like this is the second time this as been done
plus it looks like they used the wrong welding rod and no preheat before welding .
bear in mind that the two pieces of steel are different. One is hard and one is not.
The best welding rod to do this type of welding would be a 880 stainless
now for that crank just think for a moment on how we would press this a part.
First we would go after that weld and grind it all out and hope we get it all.
Because the pin will open up the crank inside diameter and score the snot out of it if we do not get it all.
With that being said that crank may be junk all ready because it looks like this is the second time its been welded and pressed apart
How bad is the rod and rod bearing if there are still usable we might be able two grind out the weld and recenter the crank half's then re weld
but this may not work if the crank to rod bore is to lose all ready. your just taking a chance and looking for luck .
If it were Me I would be looking for a new crank because your all ready have the cr500 top end . a good stock crank is all ready stressed by the stock 400 top end and now you went bigger .
SpeedChaser 
Good points
From what I understand whats usually done is you grind down the welded area on both the pin and the crank then press it apart if you grind past the weld affected area then it should not scar up the hole as its pressed apart? Who knows what care was used when this one was worked on last
Once apart you could bevel the opening so a good weld could be applied using the preheat and proper filler.
Rod looks new or really low hour but I would replace it anyways unless someone had a new and correct pin and bearing to replace the current.
I would want a full weld myself.
Usually when pins on cranks are a problem like this its because they came to a sudden stop,
Engine running
WOT (Wide Open Throttle) then locked up or a bad belt caught in the clutches, crank stops the flywheel and Engine balancer tries to keep spinning, something has to give.