I would say it depends on your riding habits. If you just ride around town , then patch and tube it.
If you are going to travel at high speed with the wife on back, I would replace it.

 

"Acceptable repair methods include a patch and plug combination, chemical or hot vulcanizing patches or head-type plugs". Section 2-28 of the 2005 touring model service manual. If it was me, I would also put in a tube for good measure and a little peace of mind.

Regards,

Bill