The bolt section was complete toast after the meltdown but thankfully the main post area remained mostly unscathed.
Above shows my melted terminal, note bolt fell out after failure.The plan for the repair was to tap a hole into the main post and bolt my 2/0 connecting wire to it. To help me with this I purchased a cheap tap and die set from Amazon for $35. I have never attempted to tap threads into anything before so I practiced several times on wood and then a scrap piece of metal I had around. The process was relatively easy to accomplish as it only consists of drilling a 5/8" hole deep enough for the bolt and then using the tap tool to create the threads.
Above is the thread tap tool I used from my set.
Here is the hole I drilled being very careful not to drill too deep into the battery as I had no idea how far the post went down. Thankfully I didn't hit any internal parts of the battery and had enough room for my bolt to tighten with the battery cable connector in place. 
This picture shows the tap tool inserted and turned a few times into the hole. I was careful to turn it slowly and backed it out several times to remove any shavings from the bottom so they wouldn't get in the way of the tap preventing the threads from going all the way down to the bottom. Turning the tap into the lead was much easier than the scrap piece of steel I practices on. 
Here is the finished tapped hole. You can see the threads in there if you look closely.I was concerned that the malleability of the lead was going to cause my newly tapped threads to be stripped when I tried to screw the bolt into it but that wasn't a problem. I was careful tightening the bolt and will continue to be careful when I work with this particular battery in the future.
Overall I think the repair went well. Spending the $35 for the tools is much better than spending $100+ for complete replacement battery and I get to add to my tool collection ;). Only time will tell if this repair will last but so far so good. After I was done I took it for a test drive and it held up nicely.
