do it, i had the exact same problem with a suzue hub and went the route described below. it worked great.

i'd use jbweld, not loctite, and do it on the stripped side. put a bunch of jbweld on the cog threads, then crank that puppy down. do the same for the lockring and it will NEVER come off.

that way, you can still run a freewheel on the other side if you want.

you can get jb weld at the hardware store.