Full Monty? I say no. This calls for what I refer to as the Rear Admiral, and you've done all the demo work already.
I would stop drill the cracks. Look that up if you don't know the term.
I would then wire brush the frame in that area to get it as clean as possible, both front and back sides, primer and paint with POR or Rustoleum.
It looks like you have good enough access to then weld it. I would temporarily clamp a steel plate behind the cracked areas, grind your new paint off the cracks, and weld them, then remove the backing plate and grind the welds flush. Prime and paint the ground down areas.
I would then get a piece of 1/16" thick angle iron, maybe 1"x1" and a foot long, my estimate by looking at the picture. You will need to drill an oversized hole to accommodate that subfloor screw. The angle iron will go in above that opening, spanning over the top of it with some overlap. Prime and paint the angle iron once the fit is correct.
Weld that in place at the ends of the angle iron and a few stitch welds along the edges of the top flange. Grind away the paint first in areas where the welds will be. You will need a fire watch for that as the subfloor is likely to start smoking, but I think a few squirts with a spray bottle on the wood after each weld should do the trick. Once everything is dry, prime and paint the welds.
If by chance you use an AC stick welder, my recommendation is to use 1/16" diameter 6013 electrodes running at 60 amps. If you have never welded before, get someone who has to do the job. This is not really complicated but you don't want it to be your first welding job.
I did some similar repairs a while back, the trailer is back on the road, and all is well.
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Christopher
Its a camper, therefore it leaks.
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