I've had success with that approach in dire circumstances myself. It was a light trailer that had smashed a wheel bearing and then got hot - balls no longer existed, and the inner ring had become blued up and seriously stuck. I didn't think oxy would work because it looked as if it had welded itself to the stub, and a reasonable pounding with a big chisel and a three pound hammer achieved nothing. I ground grooves across the inner ring with an angle grinder, then used the chisel in the bottoms of the grooves to break it into three pieces, each of which was welded to the stub. Then I applied the chisel underneath each piece in turn to break the welds. The stub needed a final polish before it was fit to receive the inner ring of the new bearing, but it worked, and it lived to haul a lot more (over)loads.
