Jackboot;
We have used shot peening to increase fatigue life of weld repairs performed on low pressure steam turbine blading and rotating shafts in certain power industry applications.
The main benefit derived from shot peening is the compressive residual stress on the surface of the part. If done correctly, the compressive stress will be uniform and reduce susceptibility to mechanical fatigue crack initiation. I would expect similar resistance to stress corrosion cracking, as well.
NOTE - the benefit of residual stress diminishes as service temperature increases. So, the best situation is when the component that has been shot peened does not see service temperatures that would reduce these beneficial stresses over time. Secondly, coverage of shot peening is critical for success. Inconsistent coverage will result in local residual tensile stresses in the location that you want to protect.
Several of our weld repairs that were shot peened to provide increased fatigue resistance are still in service (with no problems) after 15 years. The initial fatigue failures ocurred within 2 years after being placed into service.