swall must be familiar with crappy steel.
Although the lead in 12L14 melts at ~326
oC, it doesn't segregate out, at least in short term heatings. With properly manufactured 12L14, the tiny lead globules wet and remain attached to well-distributed MnS inclusions. Thus, 12L14 can be annealed (~920°C), normalized, case carburized and forged (1300°C). There are also heat treatable leaded alloys such as 43L40 & 86L20, so the lead must remain dispersed for chemical reasons. Welding is a definite no-no, but brazing is possible when done quickly. Lead may segregate into the brazing alloy with prolonged heating.
"In good quality leaded steel, the lead is very finely dispersed and not prone to "sweating out". All known cases of "lead sweat" have been associated with steel rejectable on the basis of lead segregation ie. lead colonies of excessive size."
-- Paragraph 8.8 (on 50th pdf page)
Due to high sulfur & phosphorus as well as lead, long-term high temperatures probably result in segregation & weakened grain boundaries. I don't know of leaded steels being used at elevated temperatures, though. Vaguely recall 500
oF given as a limit.