Spoke to a real nice guy at McVay's and he actually suggested that what I plan to do is the best solution. I said wow, thanks, but if it does back out or leak or whatever, can you guys weld cast iron and he said they might be able to wire weld it on the vehicle, but he said, "after a couple heat cycles, that grade 8 bolt is going to practically weld into the hole with the swelling and contraction of the metal."
So now I have Rusty, Ansel, and some nice muffler shop guy telling me I'm doing the right thing. Guess it's worth a try.
Oh, Dean and Kevin too.