He is going to use JB Weld. I'll post back the results. He called JB Weld and they said he could let it get semi-hard, coat the bolt with vasaline and thread it in. I think he is just going to use a little on the inside edges and tap it.

He told me there was 1/2" of metal sludge stuck to the magnet in the bottom of the pan.

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Steve
1985 Mercedes 500SL Euro (Gray market)
1995 BMW 520i Euro (Gray market)
1992 BMW 525it Wagon
1994 Honda Del Sol Si