The shaft is most likely hardened. You can look into heating it to remove the temper, thread and reheat to temper it again. That might, however ruin the shaft. Maybe a machine shop has a indexing lathe that can cut/extend the threads. It seems to me that when folks narrow axles for hot rods, they are able to put new splines on without messing with the properties of the metal, so you ought to be able to do the same with this.
With the right cutter, a lathe can go through about anything.