To the OP- After seeing what Larry-G posted I can better visualize what you're asking....and it's just what I thought it was. Not good. First off, don't take my reply as an insult as none is intended. So read what I'm going to post carefully.
1) A "hollow head" as you described is possible only under a very strict set of parameters, you'll have none of them
2) Having only hand held power tools to do this with is absurd, you won't be able to control the cutting how you'd need to
3) Even suggesting a fix with the above two conditions means your skill set/knowledge means you should NOT attempt this
4) The threads in question have been stripped, cleaned up, and stripped again. I don't know how this could happen (twice) but if a simple castle nut gets cross threaded (twice) somebody needs to have their toolbox welded shut or be a lot more observant about simple things. Given the application it's likely the damaged threads were never really repaired to begin with and only appeared to be. They weren't.
5) It's possible for the shaft to be drilled/tapped in the center and a bushing/washer cap type arrangement employed but I'd have to see the rest of the assembly in a clear photo (which you haven't supplied) to determine if there's room for this. However, if a simple castle nut can't be threaded on correctly I wouldn't suggest the same person attempt to drill/tap anything that would make matters worse.
6) The above fix can possible be done in place but it's a quick-and-dirty repair. The correct fix would be removing the shaft for welding/lathe work. A threading die will likely NOT cut good threads in weld if the welder doesn't know what he/she is doing, the weld will be rather hard and make it difficult to cut clean threads. Not saying can't be done, there are several other solutions that would take a long post to describe but they all require shaft removal and some effort on your part to supply more info/photos.
I mean no insult by my words but just by your suggestions it tells me you need to hear/read the flat ugly truth. I know this isn't what you want to hear/read but sometimes it's better to pay a professional to observe the methods they use. I wish you good luck, be careful if you hoist that tractor from a tree.