If the price to have it done is realistic, I personally would have it welded. Build up a lot of material, then redrill / grind / file / Dremel what you have to. At this point it's toast, so what's the harm. It will look slightly ugly but who cares as long as it hangs together. I also wouldn't stress over re-heat treating, etc. It's just such a localized area that the fix will either hold or it won't.
But that's just me. I'm kinda a tinkerer/fabricator/welder/cobbler who's never been afraid to run what I've built/fixed.
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