Another option would be to remove and replace wood from the top. There are many ways to skin a cat....easier to develop a course of action when viewing in person.
Unless I am missing something, you should be able to:
Remove top corner braces. They appear to be riveted and it looks like you removed the port side.
Remove rear corner supports (triangular-shaped vertical ones)....appear to be both welded and riveted.
Remove top transom cap.
You may have to do some cutting if there are any welds that prevent removal and access to wood.
A good TIG welder should be able to provide guidance on welding/fabrication both on removal and installation. He/she can tell you where to cut so that the welding, when put back together, can be done appropriately.
You can get an estimate and then tackle the portions you feel comfortable with and return to welder for welding portion (if you do not weld).
NOTE: Use quality marine grade plywood and coat entire transom piece with high quality epoxy. Any holes that are drilled, use epoxy to coat the inside of the hole prior to bolting. Avoid transom holes for mounting accessories such as transducers; instead epoxy (using Marine-Tex RM321K FlexSet) starboard material and screw to the starboard. Transom should last many, many years.
Hope this helps.