Risky business!
The Ithaca/SKB XL300 is gas operated, with the gas system encircling the magazine tube.
Your welds would have to be perfectly smooth for the barrel & gas system to slide over them when you put it together.
There would also be the matter of getting down inside the extension tube to clean up the two welds on the inside so the spring & follower would not bind up on them.
After all that, the two welds would end up being very thin butt-joints in a thin steel tube with very little strength.
In addition, parts for those guns are almost non-existent, so if you ruin the tube, you ruin the gun.
BTW: Ithaca/SKB never made an extension tube for the gun before they went out of business years ago.
rc