Swingarm loose, threads are stripped in frame

Loaned out my 06 500FM, got it back and on the way to the duck hole I noticed that the rear end was going all over the place. Took it back to the house and discovered the right rear swing arm pivot had backed all the way out, so the swingarm isn’t hooked up.

Figured I’d just screw it back in, and looks like it’s walked out over time and the threads in the frame are done. Short of buying a 30mm tap (about $100) not sure if there’s an easy fix for this. I can tack weld things with my wire welder, but I think cutting out the whole section of frame and welding in a new section is beyond my abilities.

I’m thinking about welding a lock nut to the frame there and then screwing the pivot bolt into that. There are still enough of the inner threads left to not allow the bolt to pass through the hole so guess I’d need to dremel those down.

Anyone done this, or have another not too terribly difficult way to get this swingarm back on?