You are really better off just flashing the 360 DVD-ROM with the Xtreme Firmware directly. The so called mod-chips on 360 are just firmware chips. A true modchip allows the user to run unsigned code like an OS or homebrew.
Some of the firmware chips are not upgradeable; they are stuck with the firmware they come with. If there are new advances in the Xtreme or iXtreme firmware, then you may not be able to flash the firmware chip with the newest version of the firmware.
I'm not sure as far as fixing the drive, depends what you mean by pulling a thread off the board. Please describe what happened exactly in detail.
If you want to buy a replacement DVD-ROM drive for the 360, then you will need the drive key from the original drive. Then you need to use an app like Maximus' Firmware toolbox to insert the drive key from the old drive in the new one. The easiest place to get a drive key is in the orig.bin file created during the read process. If you open it with Maximus' Firmware toolbox, it will contain the drive key for the drive from which it was dumped. I'm not exactly sure how that would work with a firmware chip. The orig.bin file is created while flashing the 360 with the Xtreme/iXtreme firmware. It contains the original firmware for the drive and the drive key. When flashing the 360, it is critical to make a backup of this file.
So you would need:
1. The drive key from the original DVD-ROM.
2. A dump of the original firmware from the new drive.
3. Maximus' Firmware toolbox.
4. Insert old drive key in new drive's firmware.
5. Flash new drive with either the original 360 or Xtreme/iXtreme firmware.
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