Hmm... not sure what to make of this. I've spoken with a few different spar repair places, and I've received a few different opinions ranging from re-welding the compression sleeve to doing nothing.
The "do nothing" opinion was based upon their experience that many compression tubes are never welded to begin with; the mast is simply drilled and a free-floating sleeve is inserted. The sleeve's only function is to protect the mast from being crushed by the rigging bolt. They suggested that the mast is fine, it's only the sleeve weld that is failing. Even if it were to continue to crack around the circumference of the hole, nothing bad would happen. I would just have a free-floating sleeve. They did not think that the crack would continue through the mast - only the weld.
The second opinion about re-welding was couched in the following reasons:
1. if the weld fails, the compression sleeve will no longer protect the mast (I'm not sure I buy this, the sleeve is still in the mast and cannot compress)
2. if the weld fails, the mast might buckle
(it should be noted that the guy specifically told me that he is desperate for work in the winter)
Welding concerns me in that it can weaken the mast even further by undoing the tempering. Installing a doubler also involves welding. Riveting a plate involves inserting a dissimilar metal rivet into the mast exacerbating corrosion.
Both solutions seem like they could make the problem worse. Either a weakened spar via heat or the crack continuing to spread.