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It will depend how much material there is left as you would need to drill out the damaged threads to a size that is suitable to then tap the next m-size (there'll be a chart somewhere saying what size hole is needed for what threads). Then there's the other unthreaded hole that the bolt goes through first. This will have a shoulder in it to accept the head of the bolt. This may also need to be enlarged for the bigger bolt, which could remove any shoulder and putting that back in without a milling machine might be tricky. I wouldn't want to freehand drill a half depth hole to make a new shoulder in a crank arm.
stevo_com
I won a set of Rotor 3D cranks off eBay where the NDS arm is damaged slightly. The thread for the binder bolt is stripped. Poking a biro in reveals confirms this. Would tapping it out to the next M-size up be a good enough solution?
I've never tapped a hole in my life.