The mast step installed in Hull # 87 was not centered in the boat. Keep in mind, a 30+ year old boat can have a possible subtle change in shape. We established center-line from above and with the assistance of a leveled boat with a plum bob moved the step slightly to port. The position front to back was just fine. We drilled (with a level indicator) new holes in the aluminum and used a tap and die set to create new threads. Be sure and use some oil when taping.
I would not recommend rebuilding the step without aluminum. I like machine threads for extra strength.