That's a good way too, straightforward, doable. And when done it can be ground down, flapper-disced and no evidence it was ever repaired. Not for me though, I'd already be done with the method above, without even having to get in my truck. All ground down, flapper-disced and no evidence it was repaired:thumbsup:
If you can get ahold of 1" thick scrap - the holesaw is not expensive. A holesaw will have trouble turning, and remember it has to bring chips up more than 1/2" so you will want to cut from both sides. I'm not so sure a holesaw plunging that deep will be much fun, but it's more feasible to holesaw the eye when it's in a vise. Big holes like that aren't easy, maybe go to a shop and have the hole drilled, and fit the rest yourself.
An angle grinder would cut the whole eye off in 15 minutes, finished in less time than it takes to even find someone who can recall someone who heard someone else talk about a carbon arc once.:laughing:
I'd stay 3/8 - 1/2 below the hole because you want to be able to vee it out and fill with weld. If that thing can survive elongated like that the forces are not so high, it's mostly wear. Might need the 7" size cutoff disc to get that deep.
Would be nice to find a scrap with the hole already there and just cut out the pad shape you need.