Dear Helpers,
Thanks for the help supplied, this all helped me to understand in my own head what the options were.
I attended the Guildford model engineering society Rally at Stoke Park Guildford, on Sunday and a very nice man on the Home and Workshop Machinery stand looked through his stock of taps and found a 1/4" NPT tappered Tap, how good was that! Therefore I decided to Tap rather than turn the thread in the Lathe, thank you Andrew for your suggestion. Hopper suggested that I buy a Plug/Bung from my local Plumbers merchants, I visited two Trade suppliers and neither could supply a Iron or Steel Plug/Bung, they had Brass ones but these had very little meat in them to Tap a thread, I then sorted through all my plumbing stuff and found a brass Plug/Bung with ten mm of meat.
What drill to use? I found some data suggesting 7/16" for a 1/4" NPT tappered Tap, this I tried but got only one thread into it, I then tried 11.5mm drill and got nearly three threads, I then tried a 12mm drill and this was just right as Goldilocks said to the three bears.
So I ended-up with the Rusty Plug/Bung supplied by my friend Tapped to take the drain tap, plus a Brass one if the rusty one is beyond use.
Will I ever use the lathe to make Tappered threads? well with the suggestions you have all made I probably would!
Many thanks again,
Paul