I have recently bought another 27-year-old bike with 10.400 km on the clock. Everything original, including a rusted-through left pipe.
This Sanglas bike -spanish made- is in pristine condition. The pipes are simply unavailable anymore. Fortunately, the hole is facing downwards, towards the end of the muffler, so hard to spot from above -actually, I didn't notice it the first time though I laid down to check for rust holes underneath.
After removing it and vigorously shaking out all the flakes, and drilling out the rusted shield bolts, I was considering different options to repair it. I have seen welded patches, and I don't like them. Muffler tapes doesn't seem well suited for bike exhaust. I was thinking about using a piece of aluminum sheet from a soda can, to glue it into place -as I said, it is towards the end, so it really doesn't get THAT hot. Actually, the aluminum from the can "can" be polished, therefore it would be harder to notice. While I was brainstorming, I was thinking I could even cover the patch with sticky aluminum foil.
And that's when it dawned on me that I have used aluminum foil in furnace chimney junctions, and the glue seems to stick very well even when hot. How about simply covering the rust holes with aluminum foil? Two or three layers could give added strenght, or even using the soda can for strength and then using the aluminum foil for adhesive?