I had a similar experience in the days of screw on freewheels. The chainline on my bike had always been a little awkward, as it was a Viscount Aerospace with press in sealed bottom bracket bearings. These were not a problem, they were commonly available motorcycle type wheel bearings. However, the bottom bracket spindle was a problem as it was hard to find replacements in different lengths. It was never a real issue with a 5 speed rear, but when I upgraded to a 6 speed for some reason I had to put an extra spacer between the freewheel and the hub. I was always a bit concerned about reducing the amount of threads that it screwed on to, but it worked well for several years and I suppose several thousand miles. Perhaps if I didn't have such low lower gears, it might have lasted even longer.
In a hangover from the days when I went far from home in the wilds of Wales (pre mobile phone era) the rear wheel had 40 spokes and a single speed threading on the other side, with a single gear in place. I was always a belt and braces kind of fellow. I tried to make things as disaster proof as possible. I was out on a ride one day, following the towpath of the Trent and Mersey canal near Northwich, Cheshire. I came to Barnton tunnel, changed down, and merrily twiddled up the track that went up and over it. Near the top it steepened so I put a bit of extra effort into it, suddenly finding it ridiculously easy to pedal, and then having no resistance at all. It took a few seconds to realise what had happened by which time my legs were still automatically going round but the bike starting to roll backwards. I grabbed the brakes and stopped. I found I could turn the rear freewheel in both directions by hand. The threads were well and truly stripped. Once I'd got the wheel off and removed the spacers there were a few threads left, so I gingerly screwed it back on, and it held. All I had to do was adjust the rear derailleur stops and I was able to carefully pedal the 10 miles or so home, using just the higher gears. It could have been a lot worse.
A bit off thread maybe, but I thought it might be of interest.