Lightening your K frame

So I have this '73-up spool mount K frame sitting around. I keep looking at it thinking I might try to lighten it up by trimming the pinched lip that runs around the whole thing. I would keep the mounting holes and what not.

Someone has already tried to 'modify' it for what looks like oil pan clearance. The inner lip was indeed cut and they did something that resembles welding but it looks like either they had no shielding gas or were drunk when they did it. My hope is to get a much cleaner result.

I thought about it and it looks like a good way to go about it might be to cut the bottom part of the pinch, trim the top half a little and bend/hammer it down to meet where the bottom was cut and weld the seam there.

I had the idea though that this may create a stress point which is perhaps why Chrysler used the pinch. More likely though it would also have been a huge amount of work to trim off all the excess and weld the two stampings together. The factory welds also look like they were done by drunks but I guess they were adequate.

I have cut off tools and a grinder. We have a lovely Miller 140 at work.

Anyone done this? Got any suggestions for this endeavor? I'm basically doing this to see how much weight I can save without going too crazy. Plus, I can do it for free.

Any input is appreciated.