I have made such a repair several times by doing the following:
Obtain an old (or new) strainer assembly that screws into the top casting. Remove the screen from the cap by melting the solder. The threaded cap is similar in shape with a cupped reservoir as the drain plug cap, only it is larger. The drain plug has a 1\2" hex, the filter screen cap has a 5\8" hex.
Drill out the drain hole with a 29\64" drill bit being carefull not to molest the boss for the main jet. Thread the new hole with a 1\2-20" (fine) tap. Use a bottoming tap to finish up.
The new cap will work fine, only it will have a 5\8" hex that will irritate the purests.
Many of these drain plugs have been stipped out by being over tightened. An owner is lulled into the belief that the drain plug is leaking, so he keeps tightening it. What is actually happening in most cases is that the float valve is not holding and the fuel level in the bottom casting reservoir begins to rise. So does the fuel level in the main and cap jets. When it spills over the top of the two jets it runs down into the throat of the carburetor and exits through the small drain hole drilled in the bottom of the casting. From there it runs back to the hex on the drain plug and drips off from it leading to the belief the plug itself is leaking.
Tom Endy