Ian Jemison repaired some of my mag F2 wheels a few years ago. I ran on them without any problems. One of the problems you can get is contamination in "old" magnesium, which causes it not to weld properly.
However, money allowing new is always the best option. I prefer 3 piece split rims. At least if you do have a shunt, normally its just the outer rim that needs replacing.
As an aside, MB Wheels (Mike Barnby) is very good for new wheels.
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