If you decide to weld, don't. Instead, TIG silicon braze it. TIG Brazing is much lower temp, and much better chance of success. If that is indeed rust through, and not a crack, then a bolt over patch may be the only answer, but I'd stick with small hold own bolts, maybe 1/4", and use JB weld as gasket sealer, then smear it over the whole thing when done as leak prevention. Must be super clean when using JB weld.
I have a tractor that that I bought with a 3" hole in the side of the block that I welded in a sheet metal patch about 25 years ago using nirod stick arc. That was the fix back then, but it didn't work well. Cracked all around the weld as I went, so I JB bonded over everything, basically filling the cracks with it. Been running for 25 years without leaking at all, so that can work.
Only let a truly talented and experienced welder work on it!
Just my opinion, nothing more...
I have a tractor that that I bought with a 3" hole in the side of the block that I welded in a sheet metal patch about 25 years ago using nirod stick arc. That was the fix back then, but it didn't work well. Cracked all around the weld as I went, so I JB bonded over everything, basically filling the cracks with it. Been running for 25 years without leaking at all, so that can work.
Only let a truly talented and experienced welder work on it!
Just my opinion, nothing more...