I would not try to cut new threads on the seat holder to a smaller size. It is not that strong to start with.
You could get a 5-40 die (McMaster-Carr has two types) to clean and chase the threads, but for the price of a die you can buy a new seat holder (with nut) from Bryan.
New seat holder:
http://www.vintagedoublehose.com/store/ ... cts_id=365
The new seat holders that Bryan makes come with the full length threaded rod (like the originals, they are excellent reproductions). Many were cut short after installation.
With the full length threaded rod it would be possible to add a back-up nut to lock the other nut. For a while, I have been thinking about try that, but the nail polish works so well that I haven’t gotten around to trying that… it is in my to-do list of things to play with.
If anyone wants to try this, just be careful holding the lower nut wile tightening the top nut or the adjustment will be disturbed when locking the two nuts together.
For the single hose I do use the original nylock nuts, but I also have the special tool with the little screw driver (to engage the slot in the seat holder) inside the nut driver.
http://www.scubatools.com/p-518-aqua-lu ... -tool.aspx
Added:
As Bryan mentioned, his reproduction nuts are identical to the originals. The McMaster –Carr ones would work but the dimensions are not the same. You are also supporting this web-site when buying Bryan’s and the prices are very good. For the price of a box of nuts, you can buy several of Bryan’s reproduction ones… sure you get 100 in a box, but even I don’t need 99 spares.