I would be heasitant about doing it.
I have seen it done, succesfully, I have welded a fair amount of Cast Iron fairly successfully. But in a bush hog gearbox, I just would not be overly comfortable with it.
The problems with welding casting's are many.
Quality can vary widely, especially in "cheap" sand castings.
Base material compostition can vary widely.
Your weld will not have the same hardness and density of the surrounding materials, that leads to failures.
Proper (hot enough and even enough) preheating and controlled cooling, (both of which I think you will find difficult to achieve on that piece) is the secret to succsesful welding of cast.
All that being said,
V- Groove it down, insure that you have found the end of the cracks, stop drill, Preheat well, lay some mig wire or nickel rod or 7018 (depends on who you listen too) there are also special Cast rods available, and then make it cool slowly through the use of asbestos (well, how about flame retardent) blankets or a dry sand box.
You are trading time for money (as in all things) if it was a really valuable casting I would tell you to dissasemble it, remove all pieces of it, and I would then TIG weld (with cast filler rod) it on top of my turkey deep fat fryer to maintain an even preheat throughout, then throw it in the sandbox and cover it over and leave it till the next day, then I would suggest allowing it to age a week or more before returning it to service.
I doubt a bushog gearbox is worth the effort.