Shortly after I got my lightweight Reynolds 531 frame bike in 1977 I had the chain unship and get caught between the small chainring and the chainstay, making an unsightly dent in the latter. It annoyed me at the time (new bike), but as it didn't affect the performance of the bike I soon stopped bothering about it.
In the early 1980's after I moved to France I got the dent repaired at the same time as I had the cantilever brake bosses on the front fork repositioned and rebrazed to suite 700C wheels, because it was difficult to get 27" spares locally. I didn't need to alter the rear cantilever bosses.
I think the framebuilder just filled the dent with braze and smoothed it down.
I still have that frame, it was used fairly intensively up until the mid 1990's, including some long cycle-camping tours, and has currently done about 77,000 kms, although it only gets occasional use nowadays.
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Not sure if it would be economical nowadays, but in the past it was fairly easy to find a framebuilder that would repair a steel frame.
In the mid 1980's I had an old ladies' bike with a twin lateral frame that I used as a low theft-value utility bike. The point where the two small lateral tubes joined with the seat tube started cracking after a few years of hard use (the bike wasn't designed to withstand use by a tall and heavy male). At the time, my local bike shop still did brazing, so I got them to braze an improvised top tube to the frame, they didn't charge very much. This repair was sufficient to keep the bike going for about 10 more years, when I scrapped it in 1998 after some more cracks started appearing. The bike did about 35,500 kms while I had it, but it was already old when I got it.
I replaced this bike with an even older frame, probably from the 1950's or early 1960's. As the original calliper brakes were nearly useless, I got my local bike shop to braze on a set of cantilever bosses, once again they didn't charge much. 25 years on I am still using this bike regularly.
Nowadays I think I would have trouble finding someone to do this kind of work, my local bike shop closed when the owner retired and the chap that did the brazing has also retired.