Simply won't work...
You can go ahead and try to install 1/4-20 screw in the place of the 5/16-18 x 3/4 (MTD specs the 710-1314A at 5/16-18 x 5/8) socket head screws. Lock washers should also be installed; hence, the extra 1/8 inch in length. Torque to 150 in.-lb.. (Or if you have studs then they are M8 nuts and studs and they are torqued to 216 in-lbs.)
If striped install a heli-coil and correct screws or studs.
As for the drive problem check the drive belt idler arm for freedom of movement they tend to rust up at pivot point.