Stkp,
I would just weld it, got nothing to lose.
Wirewheel the heck out it first , pick away the rotten thin parts and check the other frame tube.
Form a flat patch out of 1/16 in steel or slightly thicker(wide enough to reach to clean metal), then curve it to fit the frame as in looking from the side.. you should be able to round it the other way by heating and tacking, unless the hole is too big.
Nothing to lose, a repaired fram is better than one with holes in it!