The problem with doing any welding on the iron is that it's likely to destroy the temper of the metal (make it soft). So it'd have to be welded, then re-tempered. Probably not worth it.
It *might* be possible to wrap the majority of the iron in a wet rag and braze the end. And braze is almost as strong as a weld.
If you're going to return it to him, tell him I'll buy it cheap and take the risk of fixing it. That way, he can get a few dollars out of it - and maybe I'll get a travisher (of course, maybe I'll get a mess).
Go into the world and do well. But more importantly, go into the world and do good.