Aluminum when welded looses a large amount of it's original tensile strength. Some alloys can be heat treated after welding like the 6000 and 7000 series to get the mechanicals back but I don't know how the cast aluminum alloys do. It is not uncommon when a rod is thrown through an aluminum block to "window" it or weld it back up. Windowing, when done properly requires the block to be heated to 400 deg F. Windowing is usually only done in non stressed locations. In the case of a pump I would be cautious as there a lot of big stresses that this little casting needs to resist like the complete thrust of the jet, inlet water pressure, rotational vibrations from the shaft and impeller, etc. You loose this casting in the boat and down goes the boat. I guess it is all where the crack is.
Tom