Bolt hole very loose

Hey guys I have a bolt hole that the brake covers on my farmall m bolt to and the hole is just wore out. The bolt is very wobbly when going in and has a lot of play I was thinking about just drilling the hole and tapping it to the next biggest size is that a good idea? Ive heard of a few people thats had to do this not for the brake bolt holes specifically but for other holes on tractors.
 
Is the hole in the casting deep enough that you could bottom tap the hole and use a longer bolt, or preferably a stud?

Rich
 

Since the hole is wobbly it sounds like there is still some thread engagement to hold. I have exchanged the bolt for a stud with epoxy (J-B Weld) for similar repairs. The epoxied stud becomes permanent and stops any addition wear on the damaged threads. While it may not be as strong as new, it should hold a cover.
 
Heli-coil, no doubt about it. Installing a Helicoil of the same thread will require drilling the hole oversize and then tapping the hole to receive the insert. This usually is a big enough hole that you get back to round. The Helicoil insert then engages all the way around the oversize hole and gets you back to the original thread. Wobble gone for forever.
 

I've done all of the suggestions here at one time or another. Something else that works is sometimes you can get a metric bolt that is just a hair bigger than what is currently there. Like a mm bigger. I've done that and not even had to drill it. The current hole was big enough to be threaded to the metric size without drilling.
 

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