js52GF,
Hello and welcome to the forum. to my knowledge, you are the third Illinoian on the Forum - you, Motomike (southern Illinois) and me (Naperville). have you been to the Davenport Show and Swap Meet ("jumble" to the rest of you)? I met-up with Mike there and will probabaly attend this year, as well.
Regarding the infamous hole, I'm wondering why our friends from Oz, as well as John in the UK, are not enthusiastic about welding it. Perhaps getting a good weld on the cast iron is the problem. If a good weld were possible, it would likely lump into the intake chamber where you could grind it out in the same manner attempted by some previous owner. I agree that it must be porting damage, the shape implies a disk tool that went in strong toward the intake end and tried to feather out toward the cylinder end. In slight diasagreement with Muskrat (now I'm in deep trouble), I would think that some minor distortions in the intake chamber where you dressed the weld would not make a lot of difference unless you're into high performance (BTW, that's Muskrat doing a wheelie in his avatar picture). I haven't looked at the eBay links yet to see the prices, so, maybe, welding just isn't worth the trouble.
Richard L.