Is this frame toast?

I bought a spot weld drill bit tonight (HF special) and tested it out in about 10 spots. Worked pretty decently and some of the sheet metal has already popped apart. I did discover that you can easily go all of the way through both pieces of sheet metal, oops!

Thanks all of the pics, advice and encouragement! Hopefully in a couple of days I'll be able to upload some 'clipped' pics of my vert.