When you say 1/4" from the case head, that could be either in front or it or behind it, which is why you were asked if the hole was really in the chamber? If, with an empty case in the chamber, you could look into the hole and see brass, don't shoot it. It's been ruined. Even if a screw could hold the pressure, the fact it doesn't match the chamber surface means the cartridges either won't chamber without damage from the screw tip or, if it is short of filling the hole, the cases will expand into the small recess and refuse to extract. Academic, really, since the screw probably won't hold. Even worse, it could dislodge at an angle that blows hot gasses back into your face, or the hole could start a chamber crack that bursts the whole thing. Nothing favorable enough is to be gained to make it worth the risk of trying.
Replacement barrels aren't necessarily expensive, so start looking for one. On the off chance the barrel diameter remains wide enough for a 1/4" beyond the case shoulder part of the chamber, you could conceivably have the original barrel's shoulder set back enough to lose the screw hole and have the barrel re-chambered. Ask a gunsmith if that appears feasible?
Nick