Simon S - I think the situation you describe of the grub screws digging their way around the axle has a different cause.
If you look at the damage closely, it looks as if the grub screws have fretted side to side and very slowly, a fraction of a millimetre at a time, dug their way round the axle. It's caused when the grub screws have come loose.
The bearings seizing up (or even getting hot), is very unlikely - even with all the grit they pick up. Firstly, they're absolutely massive for the load they're under - bigger than I've seen on any car, and they spin very slowly.
If they did seize, I think locking up the axle would be the outcome rather than causing that sort of damage to the axle.
I think the original poster should just replace the axle. From my experience (and yes I know it depends on the situation - I am heavy!) 50mm axles only last about 15 hours anyway. It's not worth the risk and expense of one breaking.
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