WOW - that's even rustier than mine was! If you're going to use the original flange then cut a stub about 2"- 3" long (if the original dump pipe is still solid) and then buy a reducer 2.5'ID to 2" ID. Slip it just over the stub and weld it on. It will take a bit of "persuasion" although I can't remember which way. If you try to weld to the flange it will be tough to get enough clearance for the nuts on the studs. After that just start piecing it together. Hopefully you have the original hangers still on the frame and you can re-use all that stuff.
Good luck!
Good luck!