Loads of OEM alloy wheels are welded. Cast spokes and rolled rims welded together. Millions of these have been made and are safely in use all over the world.
Toyota did some using friction welding ("teardrop" mk1 MR2 wheels I think).
So yes, you can weld alloy wheels, and you can weld to castings.
But you need the process to be tightly controlled, which OEM guys can do, and fred-in-a-shed can't. So if you are getting alloys banded ask them how they inspect them for defects afterwards. I'd want x-rays or something.
Here is a few pics of some old skool ford alloys being banded from where i learnt how to refurb alloys, they had 2.5" extra added to them




Just for fun, a z3 with banded alloys

