Stripped threads in bleeder screw on Mitsubishi

I have an old Mitsubishi/Satoh Buck that I got from my mom after my dad passed away. I finally got it running this last weekend but found that one of the bleeder screws that is in the filter for the diesel is stripper. The body appears to be aluminum. A couple of of individuals has suggested that I use silicon to seal around the screw. It was suggested also that I enlarge the hole to next size up and retap.
There is a helicoil but that seems to be an overkill.
Has anyone found any thing like JB Weld or a Alumoinum filler that could be used to get threads back. I guess I could fill with JB Weld, drill and retap. What has worked for you?
 

I think I would buy a aftermarket Filter base that uses A common Filter
for fuel. Like Fleetgaurd filters in turn wix, carquest, napa and fram would all make replacements.
 

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