Before you spring for the tires, I think you should look for another innie wheel. My eyes are instantly drawn to the tire/wheel combo on any old truck I see. The innies really look better and you just might succumb to the hubcap thing some day. I used to think I never would, but in my later years, I like the look, and it gives me something to be hunting for on a road trip! As for me, I'd grind off that ugly weld, grind out the crack and weld it up good. I'm no expert, but I know penetration when I see it. Maybe a neighborhood welding shop that's been around a while or a neighbor with experience. Just my .02
I would like to get another innie, but they might be harder to find.
I went out and looked at all my current rims and my two rear split ring rims are outies. With the rear axle I don't think a hub cap will ever fit. In a pinch I will just pay the $20 extra and use those rims...if they are still good....I've got time. I think I will wait on new tires until I get it all straightened out.
Another interesting thing I found today. On the front tires. One was a 7.50-16 and the other was a 7.00-16. I guess you went with what was available at the time.