That would probably be easy enough to fill with some epoxy on the outside and get that pipe in working order in a few minutes. If it's a fave, seal it and keep smoking it. It probably won't ever get hot enough in that spot to be an issue.
Thanks to everybody. I ran a pressure test on the pipe using soapy water and a lot of lung capacity and discovered a very tiny crack at the top of the shank where it meets the bowl. I like the pipe but I doubt I spent more than $40 from the "Estate Bin" at a local tobacconist so I think I'll just get rid of it rather than restore it.