Joined: Apr 2007
Posts: 12,565
Likes: 2,739
From: Thunder Bay, Ontario, Canada - burrrrr!
Bikes: 1958 Rabeneick 120D, 1968 Legnano Gran Premio, 196? Torpado Professional, 2000 Marinoni Piuma
It is unwise to permanently alter an original frame set. Doing so will lower the value. In your case, I would simply get a bottoming tap in the correct size and carefully chase (re-tap) the threads. Any local bike shop will have the tap and they will likely allow you to use it right then and there is you bring the bike or frame set to them.
Hope this is a help.