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When I come upon something like this, I always ask myself if it's better to hire out the job or go and buy the tool to fix it. You could get a cheap wire feed welder for less than $300 and you would always have the welder for any future repairs that might need welding.
My 544 had both shock mounts ripped out in a similar way when I bought it. I think the aftermarket sway bar was the culprit. Anyway, I drove it about 400 miles before fixing it. The more you drive it, the worse the tear is going to get, but other than some clunking and a little bouncing, I didn't notice a huge problem driving it this way. BTW, I've still got the welder :-)
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Volvo Farmer: 20 Volvos '58-'91
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