For a long time this seemed to me like an esoteric and scary task, but when I had to do it, I discovered that it is not difficult at all. It requires a bit of time, a bit of fiddling, and a tap & die set, but is well within anyone's ability who has full use of their hands. I do not even own this tap & die set, I borrowed it from my cousin! You may have a cousin with a tap & die set too. Many people do.
Cutting oil is available at any hardware store. You can if necessary get away without this but I recommend it. We found, having tried it, that lubrication did two things: it made starting the tap a lot easier, and it made the threads a little tighter so that the screw was not quite as loose in the hole. In fact in a couple cases we needed to use a wrench to get the screw all the way tight! This is not a very big deal either way but I suspect that the tighter screw will last longer.
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Signing UpStep 1: What size?
In our case we had 3/8" screws, and therefore needed to drill holes of 5/16". This information is helpfully printed on the tap itself! The thread gauge for our screw is 16 threads per inch. The tap set had a handy little tool for measuring this, but it is also easily possible to count threads next to a ruler.








































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Regarding step 1, I use a vernier caliper to measure the smaller diameter, in the valleys between threads. Then I choose a drill bit a litlle greater. Theoretically you can use the exact measure, but then will be more difficult to tap it.
Instead of a commercial cutting liquid I use liquid soap or animal grease, satisfactorily. The advantages are: it is cheaper, easier to find, and you don't need to care where you keep it.
http://img143.imageshack.us/img143/4736/pict0105y.jpg
The stainless angle I had problems with is in there too.
I need the proper wrench that holds the tap or die. I have been struggling, even today, using Crescent wrench or Vice Grips.
My problem now is threading really small diameter material, like 1/8".
I have wondered about the cutting fluid - I have just used oil.
Thanks
Bill