What Trigger Mortise says about the NEF handi rifles is true. Every one that I’ve seen is welded.
As for chrome-moly alloys like 4130, 4140, 4340, etc. they can be tig welded with good results. They need to be annealed after welding. The leaded alloys (lead-loy) do not weld reliably by any process that I am aware of. Most medium carbon steels can be welded. The proper process varies with the alloy. I have not worked with the alloy that was listed here. Most medium carbon alloys will work harden & become brittle with use. Again, I do not know this specific alloy. The leaded alloys are the easiest to machine & get a good finish from. If you were to avoid welding & use a heavy enough wall section, this would be the easiest material to get good results from. Be aware that it is soft & may not be the longest lasting choice. The best welding steels are ones with long grain structures like common hot roll steels. Unfortunately, they are also quite soft & they do not finish well when machined. They also tend to throw really mean chips when drilled or turned. Common cold roll (1018) is a little better to machine than hot roll, but not nearly as good as lead-loy. It does not weld quite as well as hot roll, but it is close. If you really must weld & you don’t have exotic welding equipment, than this is probably a good material to choose. You can use mig, tig, stick or gas to weld it. It can not be hardened by heat or work because it does not have enough points of carbon. Again, wall thickness must be stout compared to what you would use with a higher alloy. Yield strength on either 1018 or lead-loy is probably somewhere around 60ksi, but I would need to look it up before I would swear to it.