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I took a close look at Not A Number's good photo.
There are some curly issues to making it in the lathe.
1. See how there are 4 thread crests with only a pitch of no-man's land groove to stop the tool at the end of the cut. That would require a specially ground tool to avoid clobbering the flange. -I suppose the production ones used the custom tooling of the lenses.
In my case, the threading tools are purchased from UK and expensive. So I would not be very happy to grind the end off a good tool just to do the job.
I have an old off brand M42 bellows here and the way that problem was handled, the groove was made wider so that there are only 2 crests. While it might have supported an slr, I would not be happy hanging a 800 gram dslr body on 2 threads.
2. About increasing the flange thickness. I think the castings are the same as the later Bellows -M which i have here. It only just gets infinity on the 100mm macro, and does not quite get infinity on a 90mm enlarger lens. So increasing the flange thickness might be a problem - not sure how much it could be increased.
The way I would make that here is to make the threaded adaptor piece with a spigot of about 38mm OD and press into a recess on the flange/bellows piece. That enables the thread to run right to the flange. It might be OK to trust Loc-tite to hold the 2 pieces, but I would use a grub screw too.
I still have the opinion that it would be better and easier to make a K mount adaptor for the old Ashai bellows, using a donor K-mount.