Rebuilding hood hinges?

[yossarian19]

On the passenger's side my hood hinge skipped a tooth, so when it is closed there is a solid inch of gap between fender & hood.
I haven't investigated much (been busy with other parts of the truck) but I'm thinking that I could remove the hinge, drill out the rivet, re position things correctly & throw an appropriately sized bolt in there, possibly with a sleeve.
Anyone done it, have results to speak of?
I know I could buy another one but right now, I've got more time than money.