On my FJ1100, the threads stripped from the caliper (it's done 100,000 miles and being an 80's Yamaha needed regular brake cleaning) so I just used a nut and bolt!

You'll be fine to drill out the threads and use a bolt in its place, assuming the new diameter of the hole is the right diameter for the correct brake bolt for the threaded fork.

I would, but I'm sure many more wouldn't!