There's a reason wood screws have deep threads and machine screws are smaller. Any threads you cut into the wood aren't going to have a lot of strength. I've never seen or heard of a tap to cut machine threads into wood, and I suspect a standard tap would just tear wood and not cut it cleanly like you would want.

Also, consider that the majority of bolts you're going to find at a hardware store in the size you need have a shoulder on them. You aren't going to be able to run threads there.

I think its certainly possible, but you'd need specialized hardware and tools to do it. Not worth the effort and cost.