drill out the hole to a size of a commonly available brass or bronze bushing. no steel bushings-corrosion issue. If no bushing is available, drive a brass plug into the hole and drill the plug to mount the rod end. remember to never reuse any suspension fastener hardware.
that's one way. another, remove lower arm, have it welded shut then get it stress relieved. then drill the hole again. I did this once on a car I no longer have , it worked out quite well as I had access to an aerospace quality welding shop. Oh, and never reuse any suspension fastener hardware.
best repair: replace with used part in better condition and use MOOG links and never reuse suspension fastener hardware.
By the way, no matter what method you chose, never reuse any suspension fastener hardware. It is a life safety issue.