Just get the The screw and taps frrom Brownells if you want to do it right. It's not cheap, but does not require drilling.
The screw is a .146" .48 X 1/2, so it would have to be shortened. It, part # 080719112AC, costs $7.95. The two taps are the .146" taper tap @ 31.68 part number 080598146ac, THE BOTTOMING TAP IS .146" @ 35.95, part number 080598148ac.
If you are very careful ,you might just get away with the botoming tap.
It is expensive, but is the correct way to fix the hole.
You can try other methods, but if you mess it up, you are done.
The taps are expensive because they are a special tap that you will not be able to find anywhere else, made just to go this job..
Best Regards, John K