He obviously had a broken stud in the pull starter and drilled it out but went a bit too far. Do not attempt to weld it as it is cast iron and you need cast rods and it is problematic unless you have a fair bit of experience. Any of the above ideas will work just make sure whatever you fit doesn't protrude down into the cylinder as the piston will hit it. I can't believe somebody gave up so easily on it without asking around because the fix is not that hard, about a 5 min fix.
