The sole ins't likely thick enough to allow recessing without leaving a hole in the bottom of the sole. That is what most MTB-type shoes have anyway, but there is usually some kind of reinforcing plate for the cleat to attach to. As concerns the welt construction, I think it would be adequate. The thickness of the sole might be an issue depending on the amount of wear already there. A double oak leather sole would give you more thickness to form a recess within without losing the sole altogether.