I would say you are spot on. It could be that easy. Drill out the rivets and secure it with either new rivets or a bolt and nut. I would just try to match the size of the fastener so it's tight in the holes. You can check the bushing there while you have it out, take care of it if it's loose and add a grease zerk if it doesn't have one.
Mine: 2018 Sportsman 850SP - 26" Bear Claw HTRs on OEM steel wheels(I really don't like the Aluminum ones)
Polaris Hand warmers, Mirrors.
Hers: 2019 Sportsman 450. 26" Bear Claw HTRs on Moose 427X Wheels.
2007 Sportsman 500 EFI, Polaris Winch, 25" Bear Claws QSC Clutch Kit, Hand Warmers
2001 Magnum 325 MOSE 12" rear wheel conversion. 25" Sedona Coyote tires
2017 Polaris Ranger 1000XP - Roof and front glass
2018 Kawasaki KLR650
2001 Magnum 325 Warn winch and Moose 60" plow-Sent to Daughter and Son-In-Law since his blew up
SOLD 2004 Sportsman 600 Twin