Had a similar thing on a road frame prepping it for powder coating – tried to take out the down tube barrel adjusters and they both snapped off. Did what you are suggesting – drilled out the stuck adjuster and thread in the boss and replaced with the barrel adjuster parts of this set:
http://www.sjscycles.co.uk/modolo-morphos-down-tube-stops-set-prod20642/
All plastic (bar the retaining nut), been sound since, and should be no future issues.
Off course, I had the destinct advantage that I was re-coating the frame, so a few marks from the drill chuck trying to get the bit straight could be covered up after the event…..