DO NOT WELD IT ON THE TRACTOR.
I agree with the others here that say take it off. And the reasons are many and have already been covered.
1. Cast needs to be pre-heated and slow-cooled or it will crack again. No waay to do that on the tractor.
2. You dont know what else you may cook in the process.
3. You will want/need the back side welded as well. Again, impossible with it still on the tractor.
4. Welding on the tractor will leave burnt oil particles like carbon and other debris on the back side mixing in with your oil. Not good either.
5. The crack may also be larger or propogate farther into the casting on the other side. 
And Yes, I believe the SS is what broke it. By lifting the entire rear of the tractor with the 3PH, you were putting all the weight/stresses in the exact opposite direction they were designed to.
Now all that said, personally, I would pony up the $490 and buy a new one. Having it welded isnt going to save you that much money, and the end result wont be as strong. IMO, a weakened 3PH is a HUGE safty issue. I know we arent supposed to get under raised implements, but a lot of us do, even for just a second. And just think about the damage that may happen to your tractor (and road) if you are moving in road gear with the BB on and shanks down and all of the sudden it drops. 6 or 7 ripper shanks digging into asphalt will grind you to a halt in the blink of an eye if something doesnt break.