As for welding, I think they can be done well.
You want to prepare each part with a chamfer. Use a TIG welder, crank the amps right up, I did mine at 160 amps. Use lots of gas. Use a second purge gas line behind it if you can. Preheat the items with either a flame, or the TIG placed a fair distance from the job so it just arcs and and does not weld. Use an appropriate filler rod. Do a number of welds to build it up without creating holes. You want the whole thing stinking hot, with the weld glowing red for a while after welding. Weld an extra arm the same way. When done, place the extra arm in a press and load it with about 3 tonnes or till failure. Cut your extra arm in half, right threw the weld, and inspect for cavities. I wouldn't cry about a few pinholes. If you wanted you could polish the surface of your cut sample, etch the surface, then inspect the crystal structure with a microscope. You would have to be really keen.
As for geometry, this can be tricky. You want the arm to be about 113mm from centre to centre, but maintain the same ackermann angle.
When I did mine, it was not for an AE86 but a different car. For a AE86, just buy the PS arms.
For another job on a different car, I ended up not cutting and welding the knuckles, but rather I filled the holes with weld and remachined them to suit what I wanted. I was able to use 1 or 2 original holes. This is a safer way I guess, but not sure if it is applicable to AE86.