Welded Tab

Hello,
I'm trying to figure out how much load can a 1/2" thick plate X 2" wide X 3 1/2" long with a 5/8" diameter hole fully welded on the 2" wide side will support. This tab is welded to 3/8" plate with ER70-s6 Mig.
The hook up will be through a 5/8" screw shackle.
The working load for the shackle is WLL 5 tons ( crosby G-209A)
Would a thinner plate match the shackle capacity.
I'm not sure what is the safety factor for the shackle is ,but consider 4.5 times.
I'm not sure that tab is the correct name for the small plate. if it is wrong and anyone knows the correct name, please let me know.
I thank any information that may be provided
:surprise2:

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Maximum Proof Load is 2 times the Working Load Limit (metric tons) and 2.2 times the Working Load Limit (short tons). Minimum Ultimate Strength is 4.5 times the Working Load Limit for metric tonnes, and 5 times the Working Load Limit for short tons. For Working Load Limit reduction due to side loading applications, see page 91.

Just for my own curiosity, typically, is the weld the first point of failure in a straight up, vertical lift?
Or will the 3/8 plate fail before the weld?
I don't see the tab failing before either of the above...
(see attached drawing)