If it was my bike I would find a good heliarc (TIG) welder and bring the bike to him to weld. I would remove the exhaust and let him weld it up, I then would finish the face with a small grinder, redrill and tap the hole. A good welder should be able to do this with the bike together.
The drilling of the new hole could be difficult but take your time and drill straight. I would figure out how to drill and tap before I bring it to some one to weld. Clearance maybe an issue you my want to think about removing the front end for good working room.