Michael, which actual hole is stripped, the one in front of the trigger or the one back by the grip? I'm looking at my Gen1 Impact...
If it is one of the screws in the front of the trigger, there may be limited room to drill deeper (depending upon the overall outside diameter of the threads in the bottle adapter). It has been too long to remember the size of those threads on the adapter to give a definite answer, but there may be room to go deeper there. However, on a positive note, there is already enough room there to clean up the threads and make a few more with a bottoming tap. Then you just need a longer screw.
If the screw hole back by the grip is stripped, there is definitely room for deeper drilling and tapping. It too is already plenty deep for simply getting a longer screw. Doing the job would still require a bottoming tap to clean up the deeper threads.
A standard ground Erwin brand tap from any hardware store will work to clean up the initial threads. Then grind the tip of the tap shorter to make it go deeper (a bottoming tap).
Use a light hand when tapping. Go into the old threads easy, backing the tap out as necessary to clean the threads, then going back in easy. Do as I did with a depth gauge to know where you are at so you don't over do it and snap a tap.
As far as going to a bigger diameter with a thread repair product, there is very limited room for that on the front screws, because the new head size may interfere with the foster fitting. The rear screws are already at the border of being too big based on the width of the guard.
Johnny deeper.
In the pictures... Notice the two different depths? The longer is the back hole.