Not by me, personally, but it has been done.. 1.37"= 34.8mm, Italian BB tap is 36mm. (diameters)

but you only have an 0.6mm wall thickness of metal for the new threads to cut into. (radius)

The thread frequency is 24 TPI for both, at least.

Ready for a Repaint? steel frames can have a layer of Molten brass laid down

and then the New Metal can be re threaded again.