Repair track bar axle mount?

The hole(s) on my front able where the track bar mounts are wallowed out pretty bad.

What is the best way to effect a repair?

I'm thinking off plug welding the old hole and drilling a new one.

Another option is to weld a thick washer to the front.

I may be in the same boat but the hole on the outside was fine so it might be the hole inside that dumb box that I can't easily get a wrench into. Although I think I remember the bolt that came with my new IRO bar being sloppy in the metal sleeve so I purchased a new 7/16 grade 8 bolt in case thats the issue. If its wallowed holes I'm going to drill them bigger and replace the bushing sleeve and bolt to match.

Wish I didn't have to mess with that bolt again, it took my longer to remove and replace the track bar than to remove/rebuild/install all four control arms.

Whose track bar are you running?
If you have a RE track bar, RE makes a kit to replace the existing bolt (10mm, I think) with a larger, 1/2 inch diameter bolt. You drill the hole in the bracket out a little larger and make it round again. The kit includes a new bushing for the new bolt. With this new bolt, the amount you torque it to increases about 15 ft. pounds. Read the directions with the kit for the new torque spec. If you don't make it tight enough, it will just wear out again.

I'm running an IRO...

Cut all the stock junk off and just fab up some simple new brackets. Its very straightforward and easy to do with some 3/16" plate. I made new LCA's mounts, new TB mount, and boxed the UCA mount in just a couple of hours. That included pulling the 30 and putting it back in after. No reason to be fancy, just some flat plate cut and welded into place.