I just repaired a brake caliper bracket on my mates motorbike, the hole was completely stripped.
I used a MAP pro gas with "Durarod" to fill the hole and then drilled and tapped etc.. The Durarod is much stronger than the original casting and will mate dissimilar materials, I'm sure there are other alloys of it for other purposes.
have a search on youTube to see what it can do, and how it works – as I couldn't clean up the surface before starting with a wire brush I cleaned it with thinners and ran a tap through it to expose some fresh metal.
all in all, I was done in well under an hour from start to tidied away, it now tightens so well it makes the other hole seem worn.