If you are lucky the original hole was plugged with the stock 7/16-16 thread. If the relocated hole was tapped to that thread, it is a fairly easy repair. Remove the plug and adjust the new plug by grinding the end until you get a good alignment with the old threads when fully seated. Install the new plug with loctitie sleeve and bearing retainer and just run a tap in the old hole to straighten out any minor mismatch. If the relocated hole was tapped to a different thread pitch, it will be necessary to install a heli-coil.