Metallurgically, it is probably better. The filler rod /base metal junction is very likely a better alloy than the original part that wore. I can really nerd out for you if you want.
Ultimately, what power loop do you wish to use as the final arbiter? It is the last file stroke that makes a best gun.
I have not had good luck with matching engraving. There just aren't that many people that can imitate Van Gogh, or DaVinci's brush stroke. I look at the finished product, not just clearances.
Nothing personal toward resident engravers. But I save engraving at almost all cost.

Out there doing it best I can.