Another Stripped Counter shaft :(

[Fazerider]

Could you not drill down the centre of the shaft (using progressively larger drills). Then tap a thread in it. Then (with a load of loctite) refit and nip up the new nut and retain it with a big washer with hex screw down the middle of the shaft, again with loctite?

Yes, someone on here (Unfazed?) did this a while back, though I can't find the post at the moment.
It certainly looked neater, it'd be interesting know how well it's held up.