Here's a trick I have heard - but not tried - if you have a MIG.
Make sure the surrounding metal is clear of all rust before welding up. Sandblasting best, wire brush good 'nuf.
Buy a big hunk of copper with a flat surface, and press it up against the back of the hole. Then weld the hole up. It acts as a heat sink (preventing a larger hole) and doesn't get welded to.
Try this on a scrap piece of metal first, of course!

I'm only relating what I've heard...
Or was it brass? See, I can't remember...
-Boyo