If there is enough "meat" where the damaged hole is, I would probably use a helicoil or similar product. There are some which use standard taps which might make it a little less expensive and our own JB has a favorite whose name I can't remember off hand. I'm not familiar with exactly what that hole is for but if it was not highly stressed, I would consider one of the thread repair products. Loctite, Permatex, and Devcon make products that should work and could actually be used in fairly stressed applications (read the specs first, of course). I would get them from an industrial supply house.