Thanks to all of your suggestions. I solved the problem with a really neat little tool I picked up from Northern Tool. It's a 14mm Back Tap made by Powerbuilt, p/n 640811. They aren't cheap, about $50, but I found a similar unit at a NAPA store for more than $80. Well worth the expense to me considering I didn't have to pull the heads and unless you really mess up there is no way you'll get any detritus into the cylinder. You can see a couple of photos on my flickr site,
http://www.flickr.com/photos/8703467@N07/It took me about 20 minutes moving really slowly and taking my time. It's recommended to not fully extend the back tap but to make several passes. That, and use a generous amount of grease.
Anyhow, I was able to get the thread chased, run the compression test, 135-140, and re-install the spark plug.
Thanks again to all!