If you are going to keep ahead and try this, do it in a bucket of antifreeze at 0 Deg F. Remember redundancies!!! If you are going to run it at 30PSI @ 35Deg, then test it to 60PSI at 0Deg! Trust me on this, stresses, thermal fatigue and the unknown could not only hurt you, but you could lose a full bottle of CO2, or worse, maybe a few kegs full of beer.
What I might suggest is this. Get yourself a second length of PVC and slice off lengthwise about 1/3 of the pipe. Then after a test fit, clean it VERY well, make sure to prime it. Slather it up with PVC solvent and snap the slit length of pipe over the other piece. Twist it 1/4 turn and let it sit for 24 hours. Then you will have twice the thickness to work with to tap. You will want to grind a flat where you will drill and tap first. For 1/4 NPT It needs to be over 7/16" wide, 1/2" would be best. For 1/8 NPT the flat needs to be at least 3/8" wide 7/16 would be better.