Yes, don't go anywhere near it with the oxy/acetylene torch! A large copper bit (soldering iron) is what you need, and make sure you use the correct soft solder - tinman's solder is much better than plumber's solder. Having said this - you will probably have less hassle making a new tank than trying to seal up the old one - just use the old tank as a donor for fittings. The original tanks were made from soft soldered tinplate around .028" thick.
Regards,
Eddie.