Would this work in place of the 5/16 thread?

So I screwed my thread up pretty bad and at some point I’m going to have to replace it… While the cost isn’t much, the labor is, so I’d like to upgrade while I’m at it.

I’m looking at this ballscrew+nut set for $16 (http://www.banggood.com/SFU1204-300mm-Ball-Screw-with-Single-Ballnut-for-CNC-p-1059388.html?rmmds=search) and I’m wondering if that nut is too big for the spot where the current nut holder goes? And if it is too big, can anyone think of a way to work it in?

I bought the one from the Low rider parts without knowing it wasn’t for the MP CNC. I would like to know myself. I don’t even see a place for the nut.

In case you missed it.