I have an idea. Engine crankshafts make great lathes. I would weld all but the key-way, crank the engine up, and lay a file on the weld. The weld should penetrate deep enough so that, when you file the shaft flat again, the extension still holds strong. If there is any "un-true" portion of the extension, file or sand it off. Even if the extension is ugly, it will be better than having a short crankshaft.
If you file the weld you should have no problem getting the side cover off (unless I'm missing something). However, I do understand the concern about seals heating up. I would have a hose on low pressure pouring over the shaft right next to the crankcase.
Hope this is good advise. Also, correct me if I'm wrong! I may do this to my engine.