First post, new to this scene but sliding for 15 years.

I have a lycoming straight valve and had a magneto race bearing go and wallow out where it sits in the block - someone told me they could weld a new seat but have to breakdown the engine or go with a new engine. Now i dont have that kind of cash for a new engine and i don't knowhat kind of life i can get out of a weld. I'm sure it can be good. BUT someone also said an cheaper option is to switch to electronic ignition.
So, my questions are - what are the pros, cons and typical issues with doing this?

Thanks.
bogger