The Finished Product

I dabbed a generous amount os silicone caulk around the hole to prevent corrosion of the newly exposed metal. I know there are better product, but I had this on hand.

To attach the 5" eye-bolts to the rack, I used a nut and washer on the eye side of the bolt and a nut, washer, and lock washer on the opposite side. To avoid deforming the tube, I only tightened the nut down until the lock washer flattened.