I'd do it near the inner CV joint, a few inches outboard. Cut the axle tube, shorten the outer part.
I'd chuck each half in the lathe - 3 jaw chuck is accurate enough - and clean up the interior bore a little. Face the end to a 45 degree bevel.
Again, in the lathe, make a tubular internal couple that's a light interference fit in the axle half interior bores you just cleaned up.
Heat an axle half - MAPP gas is plenty - and drive the coupler halfway in - let it cool and repeat w/ the other half.
Now - drill a few holes - perhaps 5/16" through the axle halves and a little bit into the coupler. Plug weld these. Run a good, deep bead around the V-groove.
Just a serving suggestion. Let us know how you end up doing it and how it works out.