My money is the hole was for a custom (probably prior owner) made grip adapter/filler. The hole was done by an amateur, not the factory or a competent gunsmith because the hole is clearly off-center on the fore-strap! And, yes, I have seen "custom" grip adapters attached with a screw, I have a Highway Patrolman that has one. The screw goes straight up into the frame in the center of the frame arch though, not into the fore-strap!
Don't even think of welding the hole, it will never look right and the gun would need re-finishing putting you several hundred dollars more into the gun than you already are. It wouldn't be hard to get a Pachmayr grip adapter ans drill a matching mounting hole in it after removing the spring clip. A BK adapter will work too.
Maybe he had a Pachmayr type grip adapter with the spring clip missing or broken that he wanted to use. The predecessor companies of Pachmayr were around at least in the 1940s.
That would be a ridiculous place to try to mount a shoulder stock.!!!!