You could take your set screw to a good machine shop,get sized and get a helicoil kit .That you will play hell stripping ,but he is right ,about the cause but,your passed the now ,other wise you need a new pc .retap won't last if it works at all.The two choices ,are I can think of .new part pc probably cheaper ,clamp screw has slip grip ,would not recomend any w/o slip grip ,Just MHO