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you could widen the countersunk
It's a counterbore, so he'd need a counterbore bit or an end mill. The starting face is oblique to the axis, so he'd need to hold it in a vice on the mill table and bugger about with gauge pins to align the bore with the spindle axis, as there's no obvious face orthogonal to or parallel with the bore which is big enough to indicate reliably. None of this is impossible, it's just pointless when a new one is only £12
I don’t think the reduced thread is necessary personally, the issue is that the bolt is the same width as some that I have knocking about but the counter sunk area for the head is smaller than the heads for those bolts.