I finally got around to this project. If you have stripped or cross threaded grip screw threads in the frame, this is an option for repair. I bought a 1911 frame bushing tap (10x48, can only find these in Brownell's or Midway) for $19.95 plus postage.
I drilled out the original threads and tapped new threads using the 10x48. Then install the 1911 bushing using "Red" loctite and torque. The next step is to mill or grind the bushing flush with the frame. I'll do this step tomorrow night and post a finished pic. The other side of the frame has the 1911 bushing screwed in place in lieu of milling down flush, but the pic is not good.
The bushing threads do not extend into the mag well. In the future if you ever strip the bushing out, simply replace it. Another advantage is you now have an almost limited choice of grip screws from a multitude of suppliers. I have a really trick pair of engraved 1911 screws to install on this 97 frame. As a final note, I must say CZ seems to use a very high grade of steel for their frames.
Picture of the bushing milled within .001" of contacting the frame:
Pic of custom grip screw installed with CZ wooden grip panel: