It's difficult to explain in words and I suspect a google search will reveal much, but FWIW:
- re-grinding stock cams to increase lift involves reduction of the base-circle diameter while maintaining as much of the original lobe height as possible. The base circle of a cam lobe is basically the diameter of the cam measured at a point 90 degrees to the lobe itself. Reducing the base circle means that, on RB26 engines, increased shim thickness must be used to restore factory clearances. With 24 valves this can get expensive - the shims vary in price between $15 and $25 each. Also, depending on how much is removed from the cam, it's possible that shims of sufficient thickness may be unavailable (max factory shim thickness is 3mm).
- using a 'billet' cam can help overcome the reduction in base circle. A billet cam is a 'raw' cam with large, as cast lobes. Using a billet the stock base circle can be acheived (more-or-less) while grinding the lobe for increased lift. Billet cams are expensive and more expensive to grind. I don't know about RB billets, but an L-series billet (L24/26/28) was around $300 about 5 years ago - and that only has 12 lobes (and only 1 per engine !!).
- welding a cam to give more grinding surface is sort of a psuedo-billet arrangement. Personally I'd steer clear - welding cast iron is frought with danger even when done by the skilled. Warping is a major problem in itself.