I'm afraid I'm not an expert Sam but given that no-one else seems to be offering a view – I'll chip in.
First – your idea of just using soft solder doesn't sound a great one to me. I don't know the distance between the two "slots" but if there is enough meat there to do it, one possible solution might be to drill through 'tapping' for the next sized (fine) thread tap you have (first checking that you can actually reach the point you need to with your tap (?). Then tap the whole hole and make a 'plug' consisting of a threaded 'end' but with a 'clearance' body. The idea being that you can fill the unwanted 'hole' with a metal screw but still be able to withdraw the unwanted part by cutting it off. You could also of course, fill the existing hole completely with threaded 'rod' and just re-drill out the unwanted part.
I have done this on a much smaller casting and was also able to 'tin' the threaded bit (I used a hot plate/hot air gun to heat the casting) before I screwed it home. You can then (very carefully) re-machine the casting… You will have to think this through to be sure it's possible in this instance, as it's size is a problem.
Your idea of replacing the whole area is also quite possible and I've done similar work fabricating parts from existing/scrap materials – normally silver soldering them together. I also regularly use scrap steel with pre-existing holes in them that I generally drill out to a convenient tapping size and then 'fill' with screwed rod. This is mainly about the cosmetics of a part but when its machined these bits tend to disappear. For large, shallow holes – I clean up the hole and turn a large 'washer to fit which can be screwed in (using studs which are cut off flush) in place and then machined flat.
None of this is engineering excellence – much more about useful bodges that save money by using available material (or correcting my c*** **s). They often take more time to do than starting (anew) with fresh material but that's a personal decision.
So, I'd be pretty sure your problem is correctable but take your time before you just leap in. Sometimes there's a simpler way to do things that only comes after sleeping on it a while.
Regards,
IanT
PS Can't type fast enough. Martin posted whilst thumping this in. Sounds a good alternative and perhaps better on a larger piece.
Edited By IanT on 27/02/2017 17:31:33