i'm -QUITE- familiar with the part coming off.  I've removed many tractor 3pt top covers, and I'm aware of the oring issue.  that's what they make oring kits for.  
 
I've seen plenty of ford lift covers that were welded, and at least 1 that was apparrently weld repaired to correct a defect at the factory at time of assembly!
weld it right at it will be fine.
it's cast iron we are talking about  not admantium
the welded area will be stronger than the parent metal around it any way.  prep it, weld correctly with pre-heat and slow cool and peening using a suitable rod and the repair CAN BE as good as new.  I've welded many cast iron loader brackets that are holding fine even lifting over rated laod.  I've taken many tractors apart and found welded cast iron parts, structural parts that are still going strong today.
the oil pan on an 8n is cast and is aprt of it's front frame, my 1946 ford 2n has at least an 8" crack that runs from flange down the side and into the bottom.
it was obviously removed and welded from both sides long before I got it judging by the 4-5 layers of paint on it..  it's holding fine.
no magic.. just practice , experience, and science...
500$ buys lots of goodies.. welding on the other hand could be done pretty cheap if you get all the prep work out of the way for the guy making the sparks...
if you havn't seen good welded cast iron, you may not have been around enough antique tractors yet.  You name it and I've seen it welded up and working on an old tractor... brake drums, flywheel, steering boxes, steering shafts, rims, spindle knees, steering arms, axles blocks housings and trumpets.  kick over to brazing and the list tripples.
I've seen farmall letter series that look like they had brass blocks instead of cast iron.  seen one where near the entire side was blown out and a thin plate scabbed over it and tacked on.  have seen fergy block's bolted together side to side using allthread and backing plates  

.  probably everone here has seen plugs tapped and welded into block decks, then planed true, and redrilled and tapped to corect a busted out head bolt.. etc.  list goes on.
heck... i'd weld it if the part was half that price...
soundguy