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All good suggestions, but NOT for a person using a hand held power drill. As for redrilling and tapping to 8x40, that is the resort if the original hole is drilled oversize in getting the old screw out. If the owner decides to go that route, then all four holes should be drilled and tapped to 8x40; having just one in an odd size is (IMHO) sloppy and the sign of a poor job.
Jim
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