Now What?

[Snowtractor]

I know we've beat this to death , but JB WELD works also. It is pretty amazing stuff. My uncle who used to rebuild old stationary engines would use it fill in the ovaled/pitted rusted area of the cylinder of a horizontal engine,generally the bottom. He would precut a hard plastic form in the right diameter then ,after cleaning, put the JB WELD in a pool in the area and quickly form it to the right cylinder shape after that he would sand it and hone it and the compression of the engine would be restored and it would run. He just ran them for fun so they weren't working 10 hours a day under load but they would still get warm and the JB WELD never came off.
So you could clean the hole fill it with JB and let harden and drill,tap the bolt hole.
Sean