I'm not sure how to approach it, but do know of some things to watch for. First off, with fillet welds, it wouldn't be too surprising if you calculated local yielding in places even at otherwise acceptable stress levels. Also, welding in general involves a fair bit of residual stress of unknown levels, so the stresses you might calculate aren't necessarily going to be the actual stresses. And finally, the weld metal is normally a higher alloy than the base metal, and therefore often stronger than the base metal, which would complicate the modeling. Welded test specimens are expected to fail in the parent metal, not in the weld metal. Also, welds are more susceptible to fatique than the base metal.