Starter bolt stripped.

No, if that is for the same size the old bolt was, or was your old one metric?

Just tap in the tap, keep the direction straight/perpendicular.
 
I bought this can I put the threader on to my drill and use It like that? <img src="http://www.lawnmowerforum.com/attachments/tecumseh-engine-forum/22637-starter-bolt-stripped-20140808_220046_android-jpg"/><img src="http://www.lawnmowerforum.com/attachments/tecumseh-engine-forum/22638-starter-bolt-stripped-20140808_220128_android-jpg"/>


You can put it on the drill but it will break.
Use a wrench I think 5/16 turn it in a couple turns then out then back in a couple more.
 
Unless you drill deeper or drill to next oversize a tap will probably only clean out a damaged hole. Same size deeper is risky-make sure there is material available without hitting somthing . Drilling for the 1/4-20 (consult a tap chart for drill size) you have is likely to wipe the few remaining good threads you have unless you center the piece in a vise and lock it down. I guess you are going freehand since the engine is not apart. A problem (likely) will take you to the helicoil. Try using a square to keep the drill vertical or you will not obtain 360 degree clamping under the bolt head and your fastener will break due to flex/work hardening. While this may seem simple it is not to get it right. Consider a local machine shop.
 
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