I have to agree on the change of pads. EBC green pads are good, for street use, and will have a significant impact on how much pedal pressure is needed.
Modifying the alignment, or strength of the pedal is really a bad idea. Welding up the hole even worsens an already compromised arm. In this day of litigation potential, perhaps just changing the pads will give piece of mind too.
I'm running a 7/8 bore Tilton, with 1144 Mintex pads and the pedal is firm, but effective. I used to run the EBC until a track day fried them.....but until the they were great.
Jerry Rude
4005R