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Cost mainly. If the Look type will fit this frame its £8 delivered (and I could have it by the end of the week) versus spending what could amount to a LOT of money on a one off machined part that could take weeks to be made.
As much as using a nut and bolt with the stripped piece would work, I want this be my nice bike and it will always bother me that its a messy looking bodge. If the Look clamp doesnt work out I could use it as a stop gap while I make myself a proper one
Why not just get something custom made? or drill out the stripped threads and use a through bolt with a bolt on the outside?