Help: Stripped Shock stud on Rear of 88 Cherokee

Hi:

I've got a stripped shock mount stud thread on the rear axle (D440) of an 88 cherokee. I've been looking at various options to clean it up including:

Cutting off the stud and drilling a hole for a new stud or bolt Rethreading what's left of the threaded stud to the next size smaller thread.

I like the second option as it doesn't involve welding. My question is: if I want to re-thread to the next smaller size, how do I know what the next smaller standard size die is that will fit over the now stripped stud? I measured the size of the formerly threaded part of the stripped stud and I think it's just under 1/2 inch.

Thanks for any adivce.

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Dab
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