Charlie,
I don't think the elongated holes will hurt anything. The rack is still "trapped" in it's location.
If you want to be a perfectionist, you could have someone fill the holes with weld then redrill them.
If you elect to elongate, I would do it to each hole, equally, so the rack position stays consistent. That way you aren't changing any geometry. You can do this with a die grinder or rat-tail file. I would also make the holes slotted - don't just drill them oversize. If you were to do this, you would lose the vertical location points.
Paul