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Since you said "get it welded back on", I presume you don't have a welder; that precludes the method of welding a nut onto the broken stud.
If you decide to drill the broken stud out, find a quality industrial tool shop that sells good quality drill bits (like cobalt) as well as left hand drill bits (not joking). Select a size that is roughly half the diameter of the stud. The idea is to use a center punch to locate the middle of the stud, drill into the stud (slowly) and then drill into it again (even more slowly) with a slightly larger left hand drill bit (this time with the drill in reverse).
If everything goes your way, the left hand drill bit will catch on the stud as it removes material, causing the broken stud to spin right out. It's magic when it works properly. I stay away from extractors and easy-outs, because I've broken more than I've been successful with. Left hand drill bits have been very successful for me. It's a good idea to extract the other stud and measure the hole depth, so you don't drill too deeply.
Rather than welding the tab back onto the stock exhaust, perhaps the eBay exhaust that several members have installed on Hawks would work on your bike. Somebody smarter than me needs to chime in there.
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Weldangrind
"I figure I'm well-prepared for coping with a bike that comes from the factory with unresolved issues and that rewards the self-reliant owner." - Buccaneer
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