[Early_S_Man]

I think I would prefer to MIG-weld a nut on the backside of that tab after drilling out the old threads so a new screw can pass through easily. The new nut needs to be very precisely aligned with the hole -- secure with a new bolt and washer out front with anti-sieze on the threads -- to hold the nut in place for welding. Just tack one corner on one side, then let everything cool back down. Tack it down on an opposite corner, and let it cool again. Four tack-welds with good penetration of the nut and tab should hold the nut securely.

I would carefully grind the back of that tab until bare, shiny steel is exposed all across the backside!

A stainless steel countersunk Phillips screw with anti-sieze compound applied should be troublefree in the future.

A Helicoil could also work.