I would be willing to bet that the welding o2 bottle has 3/4NPT (.75" National Pipe Taper) Threads. I would also be willing to bet that your scuba valve is 3/4NPS (.75" National Pipe Straight) threads. So, unless you are able to find a 3/4NPT scuba valve, you are SOL. The valve will screw in (most of the way as you describe), but will not be a proper fit. The other problem is that NPT threads are sealed by the taper of the threads, while NPS valves are sealed by an o-ring on the valve that fits into an o-ring groove at the top of the neck of the cylinder.
The only viable option that i can see in this case would be to find a 1/2"NPT scuba valve (these are becoming rare) and use a 3/4" - 1/2" NPT bushing. However, getting this filled may pose to be a problem.
Other than that.... even welding o2 cylinders have to be o2 clean to prevent fires....