Vented screw conversion

I think it would be hard to get the hole straight and you risk ruining the fastener.
 
I've done something similar, drilling a pilot hole all the way through a screw, so that I could get a screw extractor in there. It worked out well, but of course I did not care at all whether the screw had any remaining structural strength, so I can't speak to that part.

What I did learn is that you want to have the screw in something that can be clamped firmly, and perfectly level in all directions. I suppose you'd want to build a jig. Also, a drill press is a much better tool for this than a freehand drill. My dad can do it with a freehand drill, but he's experienced and gifted in this area.

I'd have a spare screw or two handy, in case there's some learning curve.
 
Yeah, it would be no big deal to chuck it up in the lathe and drill a hole down the center. If your lathe is big and it's inconvenient to work on parts that small, you can drill in on your mill.
 
Put the screw in the chuck and spin it against a clamped stationary drill. Makes it self centering. Align the chuck on the clamped drill before placing the screw in the chuck.
 
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