Stolen from the internet..
might not be exactly the rivet you are having issues with but a good instruction anyway.
Frame Rivet TSB 97-4-7 for 80-96; Damaged or loose frame rivets should be replaced with approved service bolts. WELDING IS NOT ACCEPTABLE
If service is required, replace standard rivets with approved service bolts. Refer to the following Service Procedure for details.
NOTE: THE "HUCK" RIVET BETWEEN THE #1 CROSSMEMBER AND THE LH FRAME RAIL SHOULD BE SERVICED PER TSB 91-25-18. THIS PROCEDURE DOES NOT APPLY.
SERVICE PROCEDURE
Inspect for a loose or damaged rivet.
Remove any damaged or loose rivets.
Drill a 3.175mm (1/8") hole through the rivet.
Redrill the same hole through the shank of the rivet.
Use an 8.731mm (11/32") drill for 3/8" and 10mm rivets.
Use a 9.525mm (3/8") drill for 11.113mm (7/16") rivets.
Remove the rivet head with an air chisel.
Drive out the rivet with a punch and hammer.
Line ream the hole to the replacement bolt nominal size with a hole tolerance of 0.127mm (0.005").
Free hole of burrs after reaming to allow bolt head and nut to seat properly.
Select the bolt length to have a minimum of two (2) threads protruding from outer face of nut. Refer to the Bolt Selection Chart for correct parts usage.
NOTE: IF A FLANGE HEAD NUT AND BOLT ARE NOT AVAILABLE, GRADE 5 HEX HEADS MAY BE SUBSTITUTED WITH ONE (1) FLATWASHER REQUIRED UNDER THE NUT AND ONE (1) FLATWASHER REQUIRED UNDER THE BOLT HEAD.
NOTE: GRADE 8 BOLTS MAY BE SUBSTITUTED FOR ANY APPLICATION.
Check to be sure there is a 12.7mm (1/2") minimum clearance of bolt to adjacent components, except engine and transmission, which must have at least 19.05mm (3/4") clearance to allow for powertrain roll.
Tighten the bolts to the specifications shown in the Bolt Selection Chart.
GRADE 8 BOLTS MAY BE SUBSTITUTED FOR (7/16″) rivets. ANY APPLICATION. (
http://www.thedieselstop.com/faq/9497faq/tsb/tsb/files/970407.pdf)
Frame Service; Drilling Precautions, Straightening, Reinforcing, Member Replacement, etc. from Bronco/F-Series Workshop Manual
"... "in cases where it is necessary to remove rivets, replace them with Property Class 9.8 metric (Grade 8) nuts, bolts and washers of the next larger size (i.e., for 3/8-inch diameter rivets use 7/16-inch bolts, for 7/16-inch diameter rivets use 1/2-inch bolts). This requires line drilling of the holes to the same diameter as the new bolt (i.e., either 0.437 diameter or 0.500 diameter).
a damaged frame member is to be replaced, new bolts, Property Class 9.8 metric (Grade 8) fasteners and rivets required for replacement of parts should be of the same specifications as the original bolts or rivets. In cases where it is necessary to substitute a bolt for a rivet, use the next larger size bolt. "