Reply to Triton's questions re 271 mods.
Hi, Firstly I think you ideas will work, based on my experience.
I should point out that I'm a half way house woodworker. in term so tool quality. Its a hobby and I have commitments to kids, work etc so I try not to spend ridiculous amounts of time or money on it (i would if retired etc). It does help that the older boys like making things, so I can justify it on those grounds!. So by my way of thinking you need a relatively simple solution that does a good job. I'm a Stanley plane/router person not a top end Veritas. So that is what I'm aiming for. You may have other priorities so by all means embellish it. I put an oak base as I had some left over, but maple would be a lot better as its dimensionally stable. Sapele would be even better the choice is yours, but if going fancy you might want to buy or make a 071 or 71.5 design as they are bigger and better than the simple 271. The main benefit of the wood, is it adds a bit of helft to the 271 and so makes smoothing housings and tenons that bit more controlled. For the same reason a convenient zinc plated or SS M6 threaded rod or old bolt cut down worked for me. If you wanted to try an upgrade you could use one with a M6 fine thread and tap that Metric come is coarse and fine versions, the course 1mm pitch, finer is ca 0.75mm pitch, but is it worth buying a new tap die, especially if the hole is broken. I recommend trying the simpler solution first to get it working and then refine it to suit your needs, especially as the broken lock screw needs as solution. Hope this makes sense.
So you specific questions. I did this some time ago so cant remember all the details, I've just been out and measured the 271. The two vertical holes are identical so the one for the cutter (ie the one we didn't tap) is about 5.8mm wide. Its wider than a 5.5mm drill and narrower than 6mm, using the calipers its ca 5.8 or so. Explained why the M6 tap is thin, I through it was nearer 5.5mm!. I have the luxury of the locking screw being intact - I presume its that that is broken - do please confirm - otherwise I'm barking up the wrong tree. So you will definitely need to glue it in with araldites or superglue. For the locking nut, measuring tI he existing one ie for the cutter its probably 3/16 inch as it measure about 4.75mm. I remember re-boring with a 5mm tap through this hole and using a 5mm diam threaded alan bolt, as you say, a grub screw would be better. If this bolt hole is sheared-off, then you could carefully drill and tap a new hole in the post (post being the vertical bit with all the holes in it. One issue is the post is thicker where the old grub screw was, so you will have a thinner wall to play with, but as this is a thread that should never need to come out that should be ok., don't overtighten (well hard to judge but dont go mad) and glue it all up as you plan to do. I've noticed some rough metal left over from the original casting on on side of the post. If you have the same issue, it might be best to sand it smooth before drilling.
Comment on the cutter. I would not recommend threading the cutter, the steal is very hard and it will be harder to adjust. I think copying the original Stanley 71 design makes sense, whoever designed it knew how to design tools and they refined it over the years. I found a good hacksaw blade (not a junior one) cut though enough with two cuts and then a very fine file - think I used a triangular one or an old saw file and was carful. I don't think this is a the job for an angle grinder unless you could find a blade of the exact diameter and were carful. I presume like me you have lots of old Alan keys lying around with old imperial sizes that are of no use. Maybe practice on a scrap one first, not the one you have spent 30 minutes grinding a perfect bevel. One other thing now I remember. The Stanley lock nut for the blade is at an angle, which is not aligned to the alan keys 120 faces, so I had to file it round for the adjustable bit ie about 1 inch near the base, that was an unexpected chore.
Hope this has is useful - i've gone on enough.... do come back with more questions and maybe a photo of the broken bit.