I have done it, and am very happy with the results. IMO, the stock blaster is way to short, and a 4" extension works nice to balance it out. I would think that the stress cracks are more to blame on the torsional forces while riding, and wheel spacers add to the problem too. Keep your eye on the swing arm for stress cracks and I think you would be fine.
Please don't try and weld it yourself, unless you are a VERY experienced welder. A consistent weld with good penetration is essential, and you will have warping issues to deal with too, which should be extremely little for the swing arm to work properly (alignment and to fit the axle/bearing carrier)
I also suggest not cutting the swing arm in half, but cut the rear section, just before the carrier. You will need a section of 100 x 6mm steel plate to join in. (NOT 5mm!!!)
There are a few pics on the site on how to do it, I think I did post mine somewhere aswel.