I would take it to a shop and have them look at it. Maybe they can drill it out and put a new stud in. I had my passenger downpipe break just below the flare at the header this past weekend. They fixed that, a broken stud (upper/drivers), put 2 new hangars for the mufflers, AND bent the pipe straight in the back where it had dragged. All of that for $60. So it might be an easy/cheap fix and you won't have all that work to do twice.
1994 Thunderbird - 2000 4.2L M5R2 now has 55k
1995 Thunderbird - 2002 Alum 4.6L SVO - Awaiting transplant...
1996 Cougar - 2004 3.9L 4R70W