Back in business. Found a local machine shop (actually going out of business within the next month) willing take on a small job like this for only $30. I got another quote from a larger production shop for $60. And many, many shops don't deal with small jobs anymore, they all say that they charge $97 an hour or that they only work with steel mills or heavy machinery.
They did exactly that, drilled it out, tapped, installed a new stud. This time I did sandwich the blade between 2 washers to hopefully make sure it can slip in the future rather than bog down. I'll also REFRAIN from pulling backwards on this edger which allows dirt to cake itself in the blade guard and bog the blade down, which is what occured when the shaft failed last week.