Trouble turning down the original thread for a smaller sizr is probably not the best solution. When carrier axles were made, they took an existing size and increased the number of threads per inch to increase the holding strength of the nut. If a standard TPI thread was not up to the job, I would be hesitant to reduce the overall diameter for the sake of matching it up to a nut. I took some existing castle nuts in metric, with the correct socket size, and reduced their length, machined out the metric thread & just enough is left for the UNF thread.
If you were manufacturing stub axles from scratch then by all means go for an available nut providing it was up for the torque.
PS If you are getting that tool made up get 3 made- it saves the press trashing your spub axle threads when it's a tight-un & I will have 2.
Rob
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