My apologies to those whom I am about to offend, But...
My dad always told me there were two kinds of people that work on watches; jewelers and idiots.
The same goes for any type of repair being done by inexperienced mechanics of all types. Fixing a Colt SAA hammer isn't quite that simple. The trigger could be broken as well and notching the hammer will adversely affect how the gun is meant to function.
Take your Colt to a competent gunsmith and have it done right. A re-weld will work if done correctly, so will a replacement hammer. Don't be fooled by thinking you can just drop in a replacement hammer and be fine. It still needs timed to the bolt and hand so the cylinder rotates without scarring it by poor timing.
I have heard all kinds of horror stories about Colt SAA's. I have 7; 2 third gen. 1 second gen. 4 first gen. guns and I shoot all of them more than most people ever would. I have had them tuned and timed by a professional, Tom Sargis @Bozeman Trail Gunsmithing, and they continue to work flawlessly as I use them for Cowboy Action as well as small game hunting.
All of these Colts have been fired 1000's of times and the only rings are on the first gen. 38-40 as that was the way it was when I got it.