It's hard to figure how one would satisfactorily weld something like that, and have it be just as strong, 7018 electrode would appear to give you 70,000 lbs in tensile strength when done properly, (note: I am not a welding professional, so just an opinion, but can weld proficiently with that electrode) not much to work with there with the base metal size and shape, again could be wrong about that, just does not seem to be a good practice. Altering any kind of rigging device that has already been compromised is not a good thing by any means.
I think the others were trying to warn you, more than anything. I think the idea here, is once you repair something like this and it's still in service, only you might know about it, so if someone else grabs it for the purpose of using it for towing or other high strength applications, they might do so without knowing it has been repaired and should only be used for light duty, at minimum it should be permanently tagged, not to be used for that, but we all know how that goes. Another scenario is when it leaves your possession, the secret stays with you.
Using for gate hardware, no towing or high strength applications might be one way to re-use something like this, but even for light towing as you mention, might be good until you snag something and it breaks then. Be careful.
This is a potentially dangerous thing to do. It is one of those things that should require to be disposed of in most instances, kind of like what site safety people will do on construction sites if they find suspect, or defective power extension cords or similar, many times they are shut off and cut up on the spot, contractor learns and the item is rendered useless, sure they work and we've all used them, but in reality they present a significant enough hazard to warrant disposal. I think that is the point here, not trying to lecture, just that safety is nothing to fool with, and there is never any overkill when discussing safety ever.
I can tell you a story about a snapped chain, kind of why I contributed to this one.
While a full time dozer operator on a 200 acre subdivision site with 20-25 machines on the site, another dozer operator decided to help pull out a vibratory roller near where I was working, the roller operator was an idiot and drove it right into the muck instead of taking the longer temporary road to get to the next work area. They used a chain, it snapped and one of the links hit the upright on my Caterpillar D6D's R.O.P.S., it hit dead on, and left a dent/impression like a bullet would, mind you this is an engineered product designed to take the weight of the dozer if it were to over turn or something falls on it, so the steel was probably better than A60 mild steel and probably a unique A.I.S.C. shape. If the link missed that upright it would have hit me in the head or upper body like a bullet, there is no doubt. I had a few choice words with both the operators, there was no need for what happened, roller should have never been there, he had a dry road to use and the operator should have never used a chain, or at least covered it with something to dampen the potential of a link flying out at someone, namely me ! LOL. This in turn resulted into a confrontation at break time, the other operator started running his mouth, resulting in a nice little scuffle when he took a swing at me over this. I think helping him eat some dirt while the others watched, changed his attitude, the unfortunate thing is that today both would be fired. The other unfortunate potential, was that his actions could have caused serious injury or death. The field super was not happy, but he asked, did you git em good a few times, LOL, well we settled our differences I can say that, he ate some dirt, and when he saw the mark on my dozer after, he understood, don't use chains and don't take a swing at someone who just narrowly escaped a flying link. Problem on this site and other sites was that in a pinch they needed more people and hired on a bunch of inexperienced operators then mixed them with the rest of us who had experience. We would have used a heavy cable,waited until someone went and got what was suitable for the task at hand. On site there was a job trailer full of rigging and other equipment, we had fully loaded 30 cu yd articulated dump's get stuck, D8K's getting stuck, just about everything that was heavy got stuck on this job when working off the haul roads. We had large 0-ring, w/ 5/8" spreader cables, 3/4 spreader cables, + and other similar rigging items that were rated for high strength.
Again, not trying to lecture.... be safe !