All, i wanted to just follow up on my results here for posterity on the off chance that google brings some other lost soul to this thread in the future.
I was able to buy an M21x1 tap and with it I was able to “restore” sufficient thread for a good solid fit. I did slather it up with loctite and i let it cure for 24 hours. I ran a few shots thru it (in a vice at an outdoor range pulling the trigger with string for safety) and can say with reasonable confidence that it’s pretty solid.
I will be using the gun very carefully for the next few weeks putting a lot of rounds thru it and checking / re-confirming a very tight and strong fit of the tube in the body of the gun.
Thank you all again for the wisdom - I will continue to proceed with caution, but I’m thrilled to have my M4 back together as our Italian overlords intended.