Stellite is not that difficult to machine - treat it as any other hard material.

Only use carbide

tools (it laughs at hss and cobalt), take it slow (we rough at 65 fpm, finish at 80 fpm), make
sure you take a good bite (your tools will not like rubbing the material away), and keep your
setup as rigid as possible. If you need to thread it, I would suggest threadmilling, and when
you drill, try to use coolant thru carbide drills (if you can afford them ;-), and minimize
pecking (let the coolant flush the chips out).

You will go thru a lot of inserts, etc, especially when first machining the welded surface
(assuming that it is welded onto your part) but that's the nature of the stuff.

Hope this helps.