T/C New Englander sling swivel problem

Several years ago I added a set of Uncle Mike's detachable swivels to my rifle. The Unckle Mike's ferrule with the button (for swivel attachment) replaced the factory ferrule. It was attached with a small hex screw. The screw and the hole in the underbarrel rib each had the threads worn/ripped out. Any ideas how to effect a repair that doesn't include replacing the underbarrel rib? There is no way to cut new threads for a larger screw, life isn't that simple.
 
screw thread

The underrin is screwed on to the barrel, dismount it and drilland tap for larger thread, or fill with "J-B Weld" run screw in and forever leave it.
 
Drill out old thread, rethread for larger thread, loctite screw into new thread, trim off excess, redrill and tap for ORIGINAL thread, remount ramrod thimble with sling stud. Simple, right?

Don in Ohio
 
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