carlquib,
I'm the reinforced-brazing guy so I'll explain that, but first let me say that from a funtional standpoint, this is an excellent candidate for just a straight mechanical fix. Basically, you have solid blocks and the casting has been blown out between them. (Man, I'd like to have been on the other side of the shop to here what THAT sounded like! Wouldn't want to be in front of that machine when it ripped apart that vise!)
You could easily just plane down the damaged blocks, plus 1/8" or so deep, flip the vise over and drill for about six or eight 5/16-3/8" bolts in each block, drill and tap some hunks of steel, bolt them in place and probably live happily forever after. That's the easy functional fix.
The reinforced braze is possible, but a bit more trouble that may not be warranted in this case. If you want to take this tack, put this broken vise in a mill and rout out the damaged areas about 3/4" deeper that the lowest point. Then make up steel or iron blocks that fit as closely as possible to the routed pockets. Drill proper tap-sized holes through the blocks and far enough into the body of the vise get a good purchase with the threads. Remove blocks, drill clearance holes, and either countersink for large flat head countersunk screws or counterbore for fillister head bolts or allen head bolts. The idea is to make this fix strong enough to hold the repair by itself. Put it all back together and bolt it up solid to make sure it fits. Take it back apart if you like the fit and grind some V notches in the edges of the block and the pockets to get a good braze. Put it BACK together, screwed down tight, and head to the welding shop.
Heavily salt down the pockets, tops of the screws, etc... with granulated brazing flux. Now burn about a tankful of propane with a weed burner torch to preheat this whole works until the whole thing is a very dark dull red. Grab a big Oxy-acetylene torch with a rosebud tip and some hefty flux coated brazing rods. Commence to brazing, letting the brass flow down in the cracks between the blocks and the original metal. Fill all the cracks, fill the V notches, fill the countersink/counterbore, cover the screw heads then add enough braze to allow you to plane it off smooth (think Bondo). Let this cool slowly, no wind, no water, should take a several hours to come down.
Your shaper can heal itself now as it carefully planes the brass down to the original level. File to blend it the last couple of thou. It's there forever. The mechanical fix provides strength required and the brazing makes sure nothing ever comes unscrewed or loosens up in any way. A shot of paint and it'll be invisible. Unless somebody look REAL close and sees the fine brass lines, it'll never be noticed without paint.
Unless you KNOW what you are doing cast iron welding will proabably not be a pleasant or successful experience. Cast iron does not weld like steel, but is more like aluminum in that it gets mushy and just falls out. You MUST have facilities to preheat as above, but to a cherry red, maintain that heat while welding, and have an oven or similar to allow the work to cool down over a period of days. Oxy-acetylene welding is probably the best weld fix for cast iron, but you better know what you are doing and adhere strictly to the above or you will end up with a zone of brittle white iron, causing the weld to rip out at the root.
Worst possible fix is to slap a nickel rod to it with an arc welder. If you do not pre-heat, peen, and post heat with a long cool down, you will probably be able to watch it crack as it cools. Even with proper technique, nobody I know of will 100% guarantee a cast iron nickel-arc weld. I guarantee my reinforced brazing technique 100% for the life of the machine or me, whichever comes first.
If you go the cast iron welding route and don't get it right it will break if subjected to the slightest torsional or shearing load. You now have to grind out all the white iron responsible for this break to make the fix I have described. Even worse, if you used nickel, all THAT has to come out as well. You cannot braze nickel, it runs off like water on oil. I fought BOTH these battles repairing failed cast iron welds on the big lathe. All the old braze work held up. I didn't have to fix a single failed brazed part.