oil filter

Looks like I damaged the thread of the stud oil cooler which holds the oil cooler in place and to which the oil filter is screwed on. Should I replace at an estimated cost of C$74 ~US$55. Or simply make an effort to clean up the thread with a thread cleaner or a die?

A very basic and easy job to do and save yourself some money. Sorry if you think this is a bit nooby, but I bet you someone will find it useful :) http://www.youtube.com/watch?v=qmFfYmwhLso&list=UU5zu4qL64gkbkgd8WDUrTHg