I would grind the edges of the strap back to good metal, clean up the rust as good as possible then weld the perimeter of the strap and seal up any way for air or water to get between the pieces.
T ...
Do you have any of the lifting shackles and brackets? I'm in need of both front and back and the attachment brackets for all.
I can be reached at "rhayden2k@hotmail.com".