So after killing a couple hours letting fish no larger than the lures I was using stare blankly at me, I decided that I just wasn't going to wait any longer to either wreck this old girl, or continue forward. I can't justify getting a custom tap cut (especially if there's a chance that all that will happen is that the blunted, smeared threads that are left in the lower cushion cup are just going to fall out!). Seeing the damage on the original adjusting bolt (not sure what caused it to begin with), I filed the first two thread's worth off, and blended the existed threads smooth to use as a thread chaser.
Here's a shot of some of the 'bulge' that caused the problem... unfortunately, I had already started to file when I remembered to take pictures, so you don't get to see that the bulging occurred all the way around:
Here's what it looks like now, after removing the ruined threads:
Although there was lots of resistance, bit by bit it re-aligned the smeared threads in the lower cushion cup. A quarter turn at a time, un-thread it, clean the threads out with a toothbrush, thread the bolt back in, rinse, repeat. All that's left are the final 1/4" where the greatest amount of distortion occurred. I just didn't have enough umph! to get it done today, and I was starting to get sloppy, so I quit.
My bride caught this super action shot of me during the aforementioned task. Told ya I was skinny!
One more day of working at it, and this shouldn't be an issue. Then on to getting the eccentric free so the ram throw can be adjusted!