How are the remaining threads? Depth? Can it be tapped oversized?(frame hole big? Oversized & fresh would improve lost depth.
Otherwise, a thick "machine shim spacer" won't squish. Brass bearing if you're careful, thrust washer(s), etc.
insert a greased all thread/stud to reach just 3/8-1/2" above boss level.Make sure grease is cleaned off that hole area with solvent.
Take a fat McDonalds straw cut a ¼" shorter. Put some JB weld around the boss base & stud. It wont stick to the stud grease when cured. Pack straw with JB weld about 75-80% and put a finger/paper/etc over it to seal well, then push over the stud until it pokes out, clean exccess flush to straw, pack it in, etc. Once cured, slice the staw length to remove. Fix with fresh JB if needed, THEN using two nuts locked on the threads or a pair of vise grip, etc, remove the stud. Clean both and rethread once or twice to chase threads clean. grind to height. I've done this outside of trains mechanically and as board standoffs.