Yeah I got to admit that The Shadow is scary enough to ride! Trust me, done right and with confidence I think you have nothing to worry about. I will let you know when it fails. Thanks for being honest.
I think I would trust a straight and true welded steerer just fine. Especially on a cruiser (though I am admittedly a little rough on my cruisers from time to time). I think using a sleeve would help ensure that it is straight and likely make it even stronger than the original fork.
I can't budge the stem (even hammering it down).
I asked a buddy if he could weld a new one on but he already has 10 or so he need to do first. Guess I'll be rocking a aftermarket fork for a while =(