That is a valve cover hole, so no real torque to speak of. It does not look that far off center based on your drawing. Could you not get a helicoil that would drop in, assuming the hole is captured and still has some thread in the bottom? Valve covers have some play in them and that would be quick and painless.
Unless this is for show or a customer, I do not see the value in the extra effort of drilling, plugging, re-drilling and tapping if a more simple solution would suffice. JB weld like you said would likely work as you stated. Just depends on how much time and energy you want to spend and the end purpose.
Don't get me wrong, plugging and re-doing the hole would be the "proper" way. Good luck.