I know I'm checking in late with this, but here's my 0.02 cents:
I would helicoil before I'd drill it up to a bigger size. If you helicoil, I
doubt you'll EVER have another problem with it. Helicoil is a strong steel
repair.
The material is aluminum, isn't it? If you drill it up and retap, it will
just get sloppy again someday in the future, with the heavy pro use you are
giving it. Not to mention you would then have to replace or sleeve the bolt
on your tripod to match, which then wouldn't match your other mounts.
Mis-matched components = a hassle.
Helicoil is a ten minute fix in any decent machine shop. Maybe longer,
considering the oddball shape of the handle/mount. But not that big a deal.
Helicoil, then add a QR plate. Problem solved.
Rich
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