Great bit of karma. I would love it for the wall so can I have a number please.
Being a fully qualified fab/welder of mildsteel/ ti and alu I can safely say that repairing this is not as easy as what is becoming the common conception. I wouldn't touch it in regards to repairing to ride. Firstly the material is showing signs of such stress it will split/crack in areas that haven't yet been welded, cracks just continuing after weld etc. The stay, whilst it looks an easy repair, it is not as simple as running a weld along the split/ crack. You just wouldn't get the correct penetration this way and like previously said it needs to be removed and set up accordingly in order to realise a strong repair.. And I beg to differ, the welds around the bb area are not of excellent penetration, they like rody says have clearly been subject to oxidisation and the repair having weakened the frame in surrounding areas. Like he said the cracks will continue after the weld.
Fairplay, I am completely with you on the fact that this is just a bit of fun and the frame is what it is. What I have a problem with is that too much emphasis is being put on the fact that the existing repairs are quality and indeed this frame with further repair would be functionally safe. Baring in mind the down tube is knackered and is showing signs of failure that no amount of welding will save imo. Sorry for giving my opinion on this I just can't not say anything when there is a discussion going on about weld/repair quality.. I am merely a welder with no bike frame building experience who would just hate for this frame to fail and hurt somebody.