You can't cut threads bigger. The problem is the threads are stripped and the diameter of the shaft is too small already. You can only go smaller.
The nut spins. The threads are gone. There is nothing for one of those clamping nuts to grab on to.
I don't know how you'd machine the axle down enough to take threads for the next size smaller nut, on the tractor, with basic tools, but that's the only way to make the existing axle work.
There is no loctite product on this planet that will hold when there are no threads. Unless Loctite makes welding rods, because you could weld the nut on.
Realistically the only solution is to replace the entire front end. Once it's out from under the tractor maybe someone can do something to replace the axle, but on the tractor the options are limited.
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