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I'd say somewhat minor risk, but if you do mess up you're out a hub casing. If you don't have the gear or experience, then you're much better off taking it (either the assembly or the entire truck) to a machine shop/welding shop and have them do it. With it on the truck you're talking overhead...

Welding something else on sounds like the most logical next step to me. Either a bolt or maybe an allen wrench into the hole. Make sure you have a new plug on hand to go in when the old one comes out.