You're correct, drilling the frame is a drastic measure, and a nut & bolt with heavy washers on the pinch clamp won't be too pretty either. However, you have to put this in context; the bike was FOC and, had it not been salvaged, it would have been melted down as scrap. Even if you bodge it up, at least it survives to be enjoyed and used some more. If you start brazing, you destroy the paint, which doesn't actually look that bad overall. So, by the time you've done a "proper" repair, and repainted the heat damage, the cost of your skip bike might approach that of buying one in good condition. There is nothing inherently wrong in owning and riding a quality bike in a cosmetically poor state or with a bodge repair or two. It will still be nice and light and it will still ride exactly the same as a perfect example would.