After reading some of the replies on what I should do about my messed up rivet, I decided to drill it out. I had some time to work on this before we head out to my parents house for thanksgiving, so I figured I would try to drill it out.
First I used a my noxon punch to dimple a point in the head of the rivet. The little center dimple from the factory was barely visible, so I used it to center my punch. Then I took a fresh #40 bit and slathered it in boelube and chucked it up. I put it in the center punched dimple, and turned it by hand a few times to get the bit started. Then I slowly drilled the head down deep enough I could break the head off with the butt end of an old drill bit.
Then I got a bit creative…. I didn’t have a receiving bar to drive the rivet into, so I ended up using a pair of vice grips. I stuck the jaws into a pair of leather gloves to keep from scratching the parts, and opened the jaws just enough so the rivet would fall into it. Then I used a punch and a small hammer to gently drive the old rivet out. My vise grips/glove worked pretty good as it received the rivet, and didn’t scratch my skins!
I checked the rivet and noticed that I had drilled perfectly center, and then checked the parts and the hole was undisturbed, so a regular rivet should work OK.
I stuck in a replacement normal rivet (AN470AD4-7) and squeezed it making sure I had my squeezer lined up and centered. It turned out great, and took about 30 minutes total time, since I was being cautious. I did end up scratching the nice paint on my bracket, I dropped the stupid punch as I pulled it away and the tip dug into the paint a little. Doesn’t appear to be anything than just paint, so I will hit it with some rattle can primer to seal it up against corrosion, and let it ride. Here is the end result, with a fresh rivet:
I also learned that the washer should go on the nut side of my HS-411PP and that I should torque it to roughly 25 inch/lbs. I ended up buying this torque wrench so that I can read what the torque is from the nylon lock nut, and then add that to my final torque value: http://amzn.to/2gl2Axd
Once the wrench gets here, I will torque down the AN3 bolts and apply some torque seal (also on the way). Here is the photos from what little work I did today: https://goo.gl/photos/kxhRmW3LXQTkWas9A