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I did that many (25?) years ago with my first '31. I used a special oil pan "repair" bolt It worked good for me. Used it for 15+ more years.
The bolt is oversized, naturally. But more importantly, it was tapered, so it got a really good grab on the metal.
If you want to go to the effort to remove your pan (after draining it, etc, and adding a new gasket) then go ahead. There's a metal piece inside which you can easily tap to a larger size. But then you'll have to find a larger bolt that has a large "head".
One other thought, after a few 'minor' leaks I finally bought the reproduction copper washer that goes on the outside. That gives a really snug fit when you tighten the bolt. I recommend it.
Good luck.
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