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Ah, so your left side has already been repaired. Can probably leave that plate off. Unless it's welded to frame, wouldn't change how loads are transmitted to frame. Would press on frame exactly same as having rearsets in direct contact (if original threads are stripped).
Are original outside threads good enough to use? Gently thread bolts in 5-turns and wiggle & yank on them. Would be good time to weld new inserts in for fresh threads on outside.
And drill other side's inner layer and weld some thin nuts on as well. Use long threaded bolt to go through both sets of threads to hold backside nuts in place and synchronise threads.
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