Interesting idea... I would still need to get the welded nut out of the way.... any cons to drilling two holes in the frame??
Educate me on bubbling..... I hadn't noticed and have never heard of the dangers...
Tire Tech Information - Sidewall Separations/Bubbles
Past experience indicates that a sidewall separation/bubble caused by component contamination or incomplete bonding during manufacturing will appear within the first six months of service. Fortunately these separations/bubbles typically appear when they are small in size and before the tire's strength is substantially reduced. However since typical tires roll about 800 times every mile and the air pressure inside the tire is greater than outside, tire separations/bubbles that are unseen or ignored will continue to grow in size, further reduce strength, often generate noise and vibration, and ultimately lead to tire failure as the tire stretches under load (similar to the way that continuously bending a paperclip back and forth will cause it to weaken and break). However there is one last thing to remember; while a separation/bubble early in a tire's life is usually associated with a manufacturing condition, even a single, significant impact with a deep pothole or sharp curb can cause a new tire and wheel to be damaged.
If your spare is in good shape I would run that, throw the "bubbled" tire on the bumper and use it ONLY as a trail spare. I would not drive on that.