Determining load capabilities of scrap metal (Safety Factors)?

I am a young engineer working for a construction company and I get a lot of requests to check the loading capabilities on random racks, jigs, etc.. These are often made of random scrap metal left over from other builds. A recent request was to see how close to the edge they could they put a 2" diameter hole in a 1" thick metal plate to hold a 3,500lb load. They wanted to leave 2" of material between the bottom of the hole and the edge of the plate. I know this is plenty of material to hold that load. In most cases I just do a simple deflection or stress calculation, such as divide the load by the cross-section of the material, given that is applicable in that scenario. This usually comes out no where near the yield stress of your basic A36 steel, 2 digit safety factors. My question is, what might your guys' process be for checking stuff like this? And what safety factor would you typically shoot for?

Thank you!