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Yara said..
Is the corrosion just in the one small area or more widespread? This is not a crack, hence something like Quick Steel is not going to repair all the corrosion. Personally I would want my engine to be reliable. If you are crossing bars, etc, a dodgy repair is not a good idea.
If that's the case and you don't think the dodgy repair or welding is a good idea, you throw the part in the bin and get a brand newy.
Sometimes you can find corrosion is localized in one spot due to Cavitation.