Helicoil or Ez-Lok is the best way. You will not be be able to drill and tap a set screw due to hardness of insert. You could always drill and tap for a larger steel bolt (softer steel not grade 8) or all thread all the way through and re tap it. Red Lok Tite will burn off and I don't know if there is a better choice. Give a shout this weekend.

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Steve
The Lounge Rant Master