Depends on how bad/rolled over the threads are. The die will follow the good threads without removing any pitch material of the thread. I've done this a million times with a tap and or die. That craftsman thread tool is light duty.
My suggestion is go for a mechanics tool kit from the closest big box store. Kobalt, Husky, or Cman. Something close by in case you need a replacement in a pinch, like 4pm on a Sunday. My .02 is look for a Cman USA set.
I have a mix of all mentioned. All are good tools, some do things better than others so I would spread the wealth.
Wrenches: Wright or Proto
Sockets: SK or Proto
Ratchets: Armstrong or SK (I like roundhead rats)
Screwdrivers: Williams or Klein
Pliers: Channelock
Ratcheting Wrenches: Armstrong or...