If there's room for it in the derailleur you're going to use, you might drill & tap a second hole higher up. Check that you'll get enough engagement between the tab & derailleur, before committing, though -- hold it up there first and see what it looks like.
Or, grind the tab off the frame and use a clamp-style derailleur.
One caution: I put a 46-tooth ring on a bike recently and found that the derailleur's cage hit the chainstay -- had to use a different one. Make you've got room to move the thing down as far as you want!
Ditch the derailleur and go single-chainring? C'mon, all the cool kids are doing it...
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