Andrew, before I had my Bridgeport table re-ground a few decades ago, I (perhaps rather foolishly) had some 'oops dings' by the previous owner welded up professionally. They did all the right things, creating a large pre-heat brick enclosure, used the right nickel rods, and let it cool very slowly. Looked ok until it was finish ground, then the welds looked pretty awful

OK I probably notice them more than others would, but I keep them covered by a darn great vice most of the time

Can you not fabricate a dovetail insert from cast iron to replace the bit with those holes - I'm imagining a bit with a lower dovetail to lock it to the body of the vice, and an upper one to match what is there (but without the holes!)