I have a Pinarello Montello frame and fork that I would like to restore.
I bought it off some guy who was running it a a fixed gear that he had built up at a local bike shop.
After I bought it, I stripped it down and sold all the fixed gear stuff and made my money.

So now I have this frame and fork and it appears that before he built this bike someone (not naming any bikes shops) had removed a seized seat post by drilling it out!!! As a result the are a few drill marks and some kind of a weird split in the seat tube.
It has not seriously affected the ability of the seat tube to bind a seat post but ultimately the integrity of the frame is compromised.

Wondering if a good welder would be able to repair the damage. I have had frames repaired before but this one seems a bit tricky.
Should I write this off as a rain bike/thrasher?

Any thoughts?