i didnt understand what you just said, if i got a drill bit a bit bigger then the hole, and drilled it, then got a diffrent bolt (bigger) and tryed rethreading that, would it work?
I think I understand what you want to do- you want to use the New Bolt as a Tap- that may work since the bolt is Steel and the Clamp is aluminum but it is not the correct way to do it.
As Mickey mentioned you should use a Tap from a Tap and Die set.
http://en.wikipedia.org/wiki/Tap_and_die
You 1st drill out the HOLE (not whole) and then use the Tap to cut new threads on the Clamp. But since you have to enlarge the hole, your old Bolt size will not work, you'll need to use a bigger size bolt.
When cutting new threads you need to go slowly and use a Cutting Oil- regular Motor oil works but they sell Cutting Fluid/Oil in small cans.
Drill the hole using the CORRECT drill bit.
Put a few drops on the Tap, turn the Tap 1/2 turn, back it out, repeat.
Don't try to cut the threads in one continuous twist of the Tap.
You need to back it out to clear out the chips from cutting the threads.
After you have cut the new threads wash it out or blow it out with compressed air to remove all of the chips.