Thank you all for your advice and saftey warnings.

It sounds like some of you have had success with just drilling a hole
and screwing the bolt in. I will try this next, if it is loose, will
try will mixed epoxy on the threads.

I will start with a smaller test bolt to see how this goes. Would
wood screw type threads be better than regular machine threads for
this? I don't even know if I could find an eye bolt with wood
threads.

I will have to yank the old eye bolt out, shouldn't be that hard, and
I will have to remove the gunk in that hole as best I can. When I
started doing it this way I thought it would work, damn. Never worked
with epoxy before.

While I am at home depot I will look for some kind of way to do the
compression ring thing, but as someone said I couldn't turn the top
nut past the visible end. I could use a jamb nut and washer setup on
the back end and turn the eye bolt, but this would move the bolt
further out of the hole, aesthetically this is not what I want.

The bowling pro shop was one of the best ideas I heard, but I would
rather do it myself, and I don't thikn they would be keen on the idea
of making restraints for people.

If the drilling fails and fails odviously because of tapping problems,
I might try to drill than tap. If that fails I am going JB weld in
the other fingerhole all at once. I was doing it a day at a time
before because I didn't think the stuff would set in a big puddle of
itself, I thought it had to be thin layers.