Now that would really annoy me........
I personally would refrain from welding the bush clamp to the chassis. Something about that just feels wrong. The clamp has it's strength designed into it, with a bolt in mind. But that might just be me.
If your going to get under there with a mig, I'd just cut a hole in the chassis, stick a new nut and bolt in, and weld the nut, then weld the chassis back up.
If you were really lucky, you might get away with drilling a hole into the side of the chassis, and tacking the nut through it, but It would probably be way to rusty.