Scottie, you could try an oversized, self-tapping bolt, or better yet, use a larger tap to cut new threads and then use a larger sized bolt. Looks like you've got plenty of "meat"to go larger. I'd put grease on the tap, to collect most of the metal chips. Also useing a flexible magnet or a magnetic drain plug should pick up any remaining debris. Being at the very bottom of the
oil pan should make it very unlikely that any of the chips would get circulated.