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Talking about the coolant drain bolt? Seem to remember posting that a long time back, my search is revealing nought however - and wouldn't think that's a good earth point. The neighbouring hole, if that's what you mean, I think is just blind with no thread - open to correction there!
The hole to the right of the coolant drain plug is a leftover from the FC, there was a motor mount bolted to the side of the engine there.
The hole may not be tapped, it may just be an as-cast hole. It's going to be a relatively large bolt, either M10 or M12.
Also just above that is an M6 bolt hole (10mm head bolt) that normally has a clip or something attached to it. That may be a possibility or have a bracket bolt to that and come down to where you need it.
It's probably going to be a fine pitch if my FC memory remembers right. I seem to remember if you lost the nuts that hold that engine bracket on you were SOL, none of the other bolts handy would work.
May want to post up in the FC section, one of those guys may know off the top of their head.
Definitely not 1.25. I put a 2.0 thread gauge in there and it was close to that. Just too hard to get a measurement with the motor in the car. Wish I had checked this before putting the motor in.