Jeffrey, I have fixed two set of barrels in that way. I actually used a Dremel rotary tool with a very tiny diamond coated burr to enlarge the existing hole in the rib, carefully cutting on the side that would move the center of the hole in the direction it needs to be moved. I worked very slowly, of course, until it was centered, and the necessary diameter for the new bead, which, obviously, has to have a larger threaded shank. Note I did no drilling, but enlarged the hole to the correct diameter for tapping, by hand.
Both the replacement beads I bought were brass, but you may be able to find ones of German silver as well. With a bit of "aging" of the new bead it blends right in. IMHO, a replacement bead with a larger than standard shank is much less noticeable than an off center bead.
Best wishes.
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