I would be slightly concerned with strength, not in the resistance to breaking but in the resistance to torsion, if that makes any sense to you...
I know it's tight down there, but can you fit some form of triangulation on that angle iron, to keep it from flexing back and forth or twisting? It wouldn't need an insane amount, just maybe one next to the large cutout, a decently sized triangular support could fit on the right side, at a 45° to the portion that sticks out slightly. Then it would just be small triangles on either side of the bolt holes on the top portion.
You might not see it yet, but I know how much that piece will flex once you cut that offending section out. There's a lot of differently angled bends in that piece, most of the ones that lend it rigidity along the bottom are in the way of your condenser. There needs to be the same level of rigidity after the cut, which is why I'm telling you now that it needs lots of little triangles. It won't be as pretty and sleek and smooth as everything else, but if it stays like that the hood latch will twist out of that support, or just rip that entire support apart if it's given a chance to flex and bend. You really don't want to have to come back to this.
You did make it much easier on yourself by putting two 90° angles where the new metal joins the old stamped sheet steel.
EDIT: I took another look at the pictures you posted, particularly the side profile of that support. In my mind I drew a line between the top edge of it on the left, and the edge of the angle iron you have welded on. Include the space between the edge of the angle iron and the top mounting holes.
If, IF you can go over top of the latch mechanism, DO IT. get as much material there as you can fit. I may seem a little crazy right now, but I've seen 10g steel twist and crumple like it's tissue paper, just by being put under torsion.
Ok.I think I've expressed my concern sufficiently. I would hate to see this majestic beast of a project meet an untimely end.
