I was doing a little search on this website for American Bell Foundry of Northville, MI, and found some interesting info at viewtopic.php?f=5&t=493
. One of the postings there said the bells made by this company were cast iron but I can't verify that. Hopefully, someone else can.
It sounds like it may be time for the Sun Devils to retire this bell and put it on display in the team's "Hall of Fame" or in a place of honor in the athletic facility. Then hold a fund raiser and buy a new bell for use by the 21st Century Sun Devils! It will be disheartening if you pay a lot to have it repaired only to have it break again.
Others could advise you better than I as to the wisdom of having it melted down and recast.
Good luck! Let us know what you decide to do!