Posted: Apr 23, 2016 - 08:36 PM
Don't let the rivets scare you, do it right.
Use a bit *slightly* smaller than 3/16 if you can (whatever you have - size isn't extremely critical), if the rivet starts spinning, angle the drill a little and let it spin while you drill away the head material. When the rivet head material is thin enough (you don't need to drill the head completely off), take a center punch and hammer and hit the center of the body of the rivet through the hole. Very easy. You don't want to use a 3/16 bit because if you're off center in the slightest, you don't want to risk enlarging the hole. If you do, this part isn't structural, so I wouldn't worry too much.
You may want to use a little silicone on the new rivets when installing for two reasons: to weatherproof and to keep a less-than-perfect rivet installation from any movement.
The above are techniques I learned as an aircraft mechanic. I can't tell you how many rivets I've replaced.
Like Pete, I needed to countersink the hole for the inner slotted bolt just a hair to allow clearance for the new car to get to the outer bolt (stop).
I used 3/16 x 5/8" but they were a little long. 1/2" long might be a little better.