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I just wanted to give a quick update. I am still researching a solution here, I am not ready to give up on these wheels yet. Based on all the feedback here and from the various people I talked with here is a summary:
Recommendations from Rennlisters, friends, and various other non-qualified individuals.
1. Thread self locking inserts - Should I be concerned with amount of material being removed as well as the possible for galvanic corrosion of mixing and matching of metals (Cast alloy barrel, steel inserts, titanium bolts)
2. Drill/tap holds from M8 to M10 - Should I be concerned about loosing more material for the M10? Also then I would need new bolts (45) and would need to modify the faces too and then would have less lip on the bolt heads since the holes are recessed.
3. Weld/fill holes and re-drill / tap - Should I be concerned about heat cycling?
4. Drill/tap new holes offset from existing holes. To me this looks like the best option since there is plenty of spacing between holes. Any concern about strength?
Recommendations from qualified wheel repair specialists.
1. Skips wheels "not worth repairing" not enough material to work with and can't guarantee they repairs will hold
2. ET wheels "probably not fixable"
3. Skill Set Fabrication machine shop - we trust what Skip say
I would really like to get some expert advice from some sort of engineer or materials specialist. If you have recommendations on repair shops with this sort of experience, please send them my way.
I'm happy to announce that I have been able to successfully repair my wheels. After much research based on all your good advice, I found a machine shop that does work on a variety of motorcycle and automotive custom work, including wheels. They inspected the wheels and cleaned out the threads with a old dull tap on their vertical mill and found all the threads to be in extremely good condition. There was a ton of locktite in there and that was making it hard to really tell the quality of the threads. But they all checked out good with thread gauges and bolt fit. So they cleaned up the mounting surfaces and installed the new titanium bolts to the appropriate torque. Everything looks good and the tires are being mounted tomorrow.