Fixed
This is a late reply to my original post.
In case anyone 'searches' and finds this post with a similar question, I wanted to post my resolution....
I did make the fix per my original post and it works like a charm!
I removed the rear brake lever assembly from the frame post, knocked the old post off... it was hanging by a thread anyway. I then cleaned up the hole and removed the spot-weld leftovers from the frame so that the new bolt would sit squarely. I used a hex-bolt with same diameter as the original post. Locked it in the frame with a nut (washers on both sides). I then re-installed the brake lever assembly onto my new hex-bolt post and placed a nylon-locking nut on the outside. Tightened that nut just enough to take-out the play, but leave the lever moving freely and done!
The only concerns were that it was a little work (not too bad) to clean the old spot-weld buggers off the inside of the frame at the hole. The hassle here was due to the limited working roomavailable without additional dissasembly. The other concern is that this did move the brake lever assembly out further from the frame by the width of the nut and washer. In my application, this was just fine and didn't cause any issues.
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