Free advice being worth what you paid for it:
If your sure the barrel was not made from a leaded steel like 1018 or 1020 steel, it can be welded without a problem
The only trouble with this is that you will rarely find a welder who is not an expert and who is not the best.
The very very best welders that the Nuclear industry, high pressure gas industry, Aerospace industry etc can muster fail enough radiographs to keep an entire industry fat on the rigours of Quality Control.
More then likely any weld will hold even if it is a matrix of inclusions and heat cracks. But the day that someone standing 20 yards to your right ends up with a piece of barrel in them 200 bucks for a new barrel will seem cheap.
If you 'must' weld it, perform the weld repair (but not the drilling) and then head down to your local non destrutive testing shop. 9 times out of 10 they will be happy to have something diffrent for a young guy/apprentice to learn on and likely will not charge you much if anything to take some radiographs or map the repair with Ultrasonics. deliver it with the breech plug pulled. This same shop can also tell you what material the barrel is made from in 5 mins.
The big problem here is that smack in the middle of the repair you are threading in stress risers galore. It is not very far from these stress risers to the area where you will most likely develop cracking ( heat effected area between parent material and weld material). A failure will be a triangular piece of weld material with your vent liner thread on one side.
If it was mine and It needed to be done I would have it welded by a boiler maker with lots of experience on upper level boiler tubes and I would drill a vent and not thread it for a liner.
Or just go for it,
In one of Kit Ravenshear's books he gives instructions for welding both vent holes and barrel extensions. IIRC his big trouble with weld repairs for restoration was matching finish. No mention of catastrophic failures.