The stock screws are 3mm x .5's currently standard. The old standard was 3mm x .6's (ST .60, ST .46, OS .35S, etc.). The standard fix for these engines, now that those 3m x .6 screws are pretty much unobtainable, is to use 5-40's.
Therefore, there is not going to be any material to tap, to screw the 5-40 into. A 3mm x .5 helicoil would be the right thing to do, and maybe the only thing to do. It might be cheaper to find somebody to fix it, than buy the drill, tap, and helicoil plus the installation tool. OTOH, if you have to pay postage both ways, you might be better off buying the drill, tap, and helicoils and make your own install tool from a machine screw. Or, you might be able to buy a new crankcase from Tower? I'd sure look.
Steve