I would bet that the case is not cast iron but cast steel. Touch it with a grinder. If the sparks are yellow then it is steel. If they are orange it is cast iron. If it is steel I have had good luck just making a steel patch out of 1/4-3/8 plate. Then just weld it over the hole with 7018 rods.
I would be more worried about where the broken pieces went. If some of them are inside then they may get picked up by the transmission and break things in there.
It being a 1991 you should be able to find a good used transmission to replace yours with. I guess it would depend on how good the truck is. IF you plan on running/keeping it for a long time then I would replace it.
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