Engine cage mounting bolt pulled through mount - need advice

[milty]

Not sure if I am using the proper naming of components but the cradle/cage that the bottom of the engine sits in has 6 rubber mounts that bolt into the underside of the car. one of these mounts/bolts on the far back closest to the fuel filter has pulled through the bottom of the mount. The mount/cage at this corner is thusly not attached to the underside of the car. I can push the bolt/nut up and down while lying under the car. I assume at time of manufacture the "nut" is welded to the mounting framework of the car.

My repair thoughts - I first need to get the dangling bolt/nut out of the underdside of the car - probably use a long blade saws-all to cut it in half - but the remainder of the bolt and nut will still be up inside of the mount framework. I don't want to weaken the already rusty mount framework but I was thinking I would drill a hole in the side of the framework to remove the bolt/nut. Then purchase a new mount/bolt/nut and place the nut through the previously drilled hole and hold it in place (somehow)and screw in the new bolt thru the rubber mount washer and hopefully tighten the bolt/nut firmly.

Another solution - remove old bolt as above then purchase heavy plastic coated steel cable and pass it through the rubber mount - possibly twice and through the hole I drilled through the underside mounting framework and clamp ends of cable together with fastening hardware.

Underside is badly rusty at the mount area as well as other areas - I don't think I have enough strong metal to have any welding done.

What do you guys think of my repair options? Do you have other repair ideas?

Thanks....Milty