Generally the caulk had to be cleaned out and I merely retapped. However, if the threads are shot, you can redrill either behind or to the side as the aluminun plate is a tad larger. kTo make sure there is the aluminum plate in that area, first drill with a small drill bit 1/8 inch or smaller and if you see metal shavings, then you are ok to go and drill and tap.l I would seal up the old holes with caulk preferrably 5200 as they will be covered up hopefully. If not, put some epoxy filler down the holes and fill over with white gel.
I have had many discussions over the use of 5200. Generally anything below the water line or the attachement of the hull to deck is where I used that. I would suggest a good silicon like the stuff from West Marine brand made by Silaflex which is excellent or 4200. I hope this helps. Any other questions, send me an email sir.
Once, a customer who purchased an old boat called me at 2:30 am advising his new old boat was sinking. I went to the shop and got my gear and pumps and went and pumped the water out and put it on the trailer. Since he was having guests over the following evening, could I fix it then. I said I would return in the morning but it was already the morning. Upon return, I put the boat back into the water and found the swing keel retaining bolt did not have the rubber or neophrene washers to keep the water from coming in. First time for everything but the previous owner did a marvelous job with a new compound for sealing, bubble gum. I fell over astonished and luaghing.