Anything is possible but there is an alternative to your suggestion.
'Helicoil' is a technique which replaces the damaged threads with new, steel ones. Effectively, you drill out the old threads, cut new 'thread' into the now 'flat tube' and then insert a coil which replaces the original threads. This inserts into the newly cut, larger thread.
It all depends on how badly damaged your existing threads are and thus, how much of the old threads you need to 'drill-out'.
Most beed screws work by sealing a tapered END of the nipple into the base of the nipple hole. It's NOT the threads that do the sealing but the END of the nipple-screw blocking a hole. Thus, the size of the nipple screw is not so important.
Finally, you don't actually NEED a 'nipple'! It only makes bleeding easier if you use the 'car' techniques to bleed your brakes (I.e., unlock, press, re-lock, release.... repeat until no air in tube...). That's NOT the 'proper' technique for kart brakes. We use a large, high up header tank and let gravity do the bleeding FOR us. All you thus need is a screw/bolt with a sealing washer. You release that bolt, wait until the fluid is coming out of the caliper with no-bubbles and then, lock off the bolt. You can then use al;mostg any (reasonable) size of helicoil with an appropriate bolt.
See this page for full details about helicoils:-
http://images.google.co.uk/imgres?imgurl=http://www.emhart.com/products/helicoil/heliex/images/img_helicoil_M8_000.gif&imgrefurl=http://www.emhart.com/products/helicoil/heliex/design.asp&usg=__mgzLJtcqNygSJ4mVVTNu7ODv1hw=&h=347&w=419&sz=29&hl=en&start=3&itbs=1&tbnid=RNVzDhPqjEipeM:&tbnh=104&tbnw=125&prev=/images%3Fq%3Dhelicoil%26hl%3Den%26sa%3DG%26gbv%3D2%26tbs%3Disch:1
They are actually STRONGER than the original thread if in Ali-Alloy housings. Back in the 1970s, many of us replaced ALL our regularly-used alloy 'sockets' with helicoils BEFORE the thread failed as it reduced the chances of them failing during use.
Ian
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