I'm west coast but I don't weld or know anyone who does. I wouldn't drill it, just the wire and maybe a splint (for lack of a better term) of some sort would be enough if the wire is good and tight and it can be removed at some point if you want a real repair and no harm done to the stand.
What brand stand is it? I saw a New Home leg at a junk vendor's stall here in Centralia yesterday.
Rodney