What I'd do, is run a round file in the hole...look at the shavings you get...if they are "spears", then it;s cast iron, if they look like emery dust, then it's cast steel...plus, CI will wear much more quickly than cast steel...CI will be a lot "softer" than cast steel as well.
Problem you'll have, is trying to drill it out without doing some prep before hand. If it were me, here's what I'd do:
I'd look for an off the shelf bushing that will fit my bolt/stud-thing, and have about 1/8th inch of thickness on the wall.
Then I'd scribe the bushing to be centered over the original hole.
If you're steady, you could use a diegrinder to get it close, if not, then take a round file and rough it up just under the OD of the bushing.
I wouldn't use a drill (if you do, you'll see what I mean) but would used a reamer to get me round from that point.
Then once the hole is round, I'd real or hone it to the proper size (about .0015-.002) smaller than the OD of the bushing.
Then I'd put my bushing that's been in the freezer for a few hour, in the hole...should go in with out much force, as it coled it'd expand and make a "press fit", and would never work it's way loose.
You may now have to ream the ID of the bushing (once it's "warmed back up") to fit yor hanger pin/bolt correctly.
Even if you try to hand drill a 4 flute bit, it's gonna hang up, probably break your wrist/etc...as it catches on the ovaled
part of the hole.
I've never tried to braze to steel, but that might still be an option.
I'd think trying to build it up with a welder (wire/arc/etc) would make it a bear to file to fit.