Help Creating Custom Tap Handle

I'm making a custom tap handle out of something that means something to me: an old beat-up joystick I used to play games in high school. I'm planning on sanding it down and spraying it with spray paint and a finisher. Maybe in glossy black.

My problem is that I need to find a good way to get a thread for the bolt on the tap. Check out these pictures. It's a little smaller than the bolt. My wife suggested using some sort of compound to fill a thread in the space. I'd prefer it to be removable. What ideas do you guys have?

I'm thinking that if you just have a threaded insert at the bottom it's gonna break sooner than later. You are going to need something anchored throughout the handle. Maybe a long bolt with a turnbuckle type nut all epoxied in place?