Hi there Ernie, haven't heard from you in quite awhile.
You should be able to drill out the old rivet, just work carefully. It might not be clear how best to attach the new one, until the old one is off. If the frame member can be removed on that side (giving you access to the inside), then you might be able to use a small stainless bolt and Nylok nut. In that case, I'd drill out the other latch and re-fasten it the same way while you're at it. Otherwise a pop rivet might be the only way.
Personally I think those rivets look cheap and intend to find a way to use the bolts if/when this time comes on my boat.
_________________ Mike 2005 Four Winns 230/240 VP 5.7GXi/DP 1998 F-150 XLT Boat Pic
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