what year Ranchero is that? Falcon based? examine that bracket closely and see if it's deteriorated badly on the upper side where the nuts were. if it isn't, and the nuts simply twisted free, i'd get a piece of cold rolled steel maybe 3/8 or 1/2 inch thick; cut it to the size of the inside of that bracket, and drill and tap it for the two bolts that hold that hanger on. then i'd paint the inside of that bracket with POR15, slip that piece of cold rolled in it, bolt the hanger up to it, making it clamp down on the bracket. you might weld it at each end but imho that wouldn't really be necessary. oh and check the other side too; if one side fails the other side follows.
The bracket appears to be solid. Cut a piece of 1/8 flat stock to the size of the bracket, drill two holes spaced as was the bracket holes. Bolt new nuts thru these holes tight. Weld nuts to the plate, Wizzer /cut bracket open either end enough to slide new home made finger nut plate in place, Before placing this in drill two 1/4 holes tru orig bracket. Slide finger nut instal 2 bolts snug bolts, plud weld finger nut. Tap area cut open shut weld. remove bolts/instal spring plate.
the small holes probably are drains; you sound like you got a clear idea where to go from here. i just recently scrapped out a '60 Chero that was literally gone from the back of the front bumper to the start of the kickup at the rear springs....... so much for "rust free Southern tin"...
No 1/4 or so hole, spot weld tru bracket thru holes to afix new plate so you dont have to chase it around to bolt shackle on.
cut the sheetmetal perch off, and weld that stock bracket to the frame. i did this on my ranchero and it lowered it too.
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