Mark has already read this, but I thought I'd share it with all of those who have helped and commented on my problem.
"I think in the end, for peace of mind, I have to go with new metal. I'm not the owner and I don't want him having to deal with my fix going south on him (most likely at the most inopportune time, thanks Murphy).
I've priced materials and additional work (depending on how much I want to try and do myself. I'm not really properly equipped for the bending and drilling parts of the repair. Plus, I'd have to buy the proper sized bits.):
$20 for 2 pieces of 21/2" x 1/2" x 31" long, $12 for punching 4 holes for me (I don't have a drill press or big enough bits), and $20 more for them bending them to shape for me (I have an O/A torch but it is only hobby sized)
All in all, $52 plus tax for piece of mind and continuation of a good friendship I think is well worth it. Besides, I can't rent one for all the months he's let me use it for that.

"
Yes, I'd like 'another shot' at it just to prove to myself that I CAN do it, but I can't take the chance.
Take a look at the prices and tell me if I'm getting gouged; I'll price it out with another shop, but it didn't seem that bad to me.