Coming from someone (me) who has more $ in taps than you do in your car at full value... NO it would not, not a reverse square cut thread..... $400 for the tap? LOL no, more like $700 range, but shipping is free! My most expensive tap is a .875" x 6 acme thread tap or a 7/8" acme tap... I got it used for $640, usually new... if you can order them 4 months out... are $1,400
It was used for restoring a 90 year old vice well worth more than all my cars and motorcycles, I was contracted to do the restoration as I was the only person he knew that could weld cast iron properly! Long story short... it’s not the only tap I have worth more than $400. Have I ever used them more than once... NO lol. In a tool junky! Reverse thread taps past 1/2 inch or 12mm are easily in the few hundred ranges, but your tow hook is not a normal thread, it’s a square cut nearly acme thread style, in not 100% sure but it’s a proprietary tooling from VAG. Get some shotgun cleaning brushes and some valve lapping compound and go to town cleaning it up... you COULD sacrifice another tow eye and take a grinder and cut some WIDE flutes into it, sharpen the teeth, and harden it with a map gas torch, quench and then heat treat in an oven at 230*F for 2 hours... and try and make a tap... I have done this before and it usually never works. But it COULD be used to chase the threads enough if there not that bad.
Reverse threads are Stupid and have no point to existence on a tow hook or mount. Why does it matter its reverse threads? IMO do get big drill bit, drill out the threads and weld a big nut on there and weld some new threaded rod onto your old tow eye! If you know someone who can weld, $30 done!