If you've ever seen a hole tap, it actually looks like a bolt with a couple of grooves cut in it, so yes in theory you could make one with a bolt BUT it would be very difficult as these bolts are made of hardened steel, and when you cut the groove, you will also, mangle up the threads a little bit, and the cut won't be perfect. It would be worth your time and money to get a proper tap.
I wouldn't bother using lock-tite...if the bolt won't tighten well enough after you chase the threads, then something else needs to be done to repair it.
Also, examine the threads on your bolt as well...if any of them look damaged go ahead and get a new bolt as well...it will cost you pennies to get a new one.