The metal in the side of the pan is probably too thin to drill and tap new threads.
most times you take the pan off drill a new hole then insert the new drain plug holder with gaskets on both sides and a nut on the inside of the pan to tighten up that secures the new drain plug holder to the pan side.
again if you have to take the pan off to do this might as well spent your money on having someone with the right tools take you orginal drain plug out.
Guess that is just the way i would roll as it would be my luck as soon as i got the new drain installed the old one would start leaking.
good luck and be careful,
the fastest way to ruin a good engine is lack of oil.
friend of mine had an old H Farmall, the oil drain plug came out and before he noticed the lack of oil pressure the engine was ruined.