Yes, it can be repaired and some modified in the same way. Years back I had many cases repaired that had cracked at the same place. Ideally, you need to find someone who can chemically clean the case first, to get the oil out of it, then open the crack and hole right up with a V, fit a piece of copper flat or round under the section to be welded, then preheat the case and in particular the repair area. This isn't to 'condition' the Alloy in any way, it's just that it is a large section and so when welding, the heat will be drawn away from the weld zone quite fast, then TIG Weld it in and leave to cool. I would also have him lay in extra material on top of the web to give it a thicker section. Following the welding, the tunnel will have some distortion, the old bloke who did them for me back then had a big lathe, he would turn the case on the Faceplate and machine the tunnel, then reface them.
At this point, I would not re-drill & tap the hole, like the latest Rodshift cases. I was doing them like this for several years before Leyland started doing them in 83. The Big Wheel Mokes are very hard on gearcases right at that web, it 'sees' circa 50% more torque there than a comparable Mini due to the torque multiplication through having bigger wheels (620 mm rolling dia vs 440 mm for a Mini) and the short final drive ratio that suits the bigger wheels.
Cost effective ? It was worth my while to have them done, but I guess I was lucky to find a one man band firm who didn't charge stupid money. JKD came to me to around that time to ask what I was doing to make the cases more reliable. I've only recently acquired a TIG big enough (300 Amp) to weld them and I have a few there to do. One option for the welding here is to find a firm who welds cylinder heads, they'll have the gear and experience to repair alloy engine components. The 22G1128 cases seem rather thin on the ground these days, they were only used in production for 5 years so there was never loads of them around in the first place, so I would be saving for that reason alone.