' if it can be welded reasonably well'!!!!!!!!!!!!!!!, If you're out, and it fails .... catastrophically,.....is the welder going to come to your funeral then? I would rather hang it on the wall as it is, as a project, and get a new dropout fitted when funds allowed. If you come off it and ...well... you can't ride a bike very well with only one leg. This , IMHO, is a silly conversation now, and I'll be off.
Have to say I'm in this camp too ... fitting a separate hanger (see up thread) would enable you to fit the wheel and rear mech to look the part for display/vanity purposes.
Having had a frame break in half at the BB shell (waaaay back when I was about 15) it was not much fun - the risk from the bodge welded dropout would be a greater risk IMHO
Rob
Scare mongery gorn mad, I*M*HO.
If the 'bodge welded dropout' did fail catastrophically, the wheel would pull forward, the mech would most likely go into the spokes, the wheel would jam and skid, and you'd almost certainly limp to the side of the road cursing fluently.
If you didn't go out of your way to get it bodge welded, and simply went for normal welding, I'd be astonished if you had anything to worry about.
As someone who has ridden bikes to a stop after breaking various bits of their frames and ridden bikes with repaired dropouts, I'd get it fixed and ride it without a qualm. YMMV
Campag dropouts are forged low carbon steel. If welded by a competent frame builder with full penetration the join will be at least as strong as the original probably stronger if the adjuster hole is dispensed with. I have repaired more dropouts by welding than most people have had hot dinners (switch exageration mode to OFF) and none of them have broken. Ignore the ill informed naysayers !!!
Goodness, I'm agreeing with people who know far more about it than I do.