Hi mate.......Forget 1.25mm pitch! that is roughly 20 TPI (teeth per inch)..I would recommend at least 32 or 40 tpi, which means unf...ie 10-32 or 10-40 etc. or metric equivalent.....do a google for "model engineers taps and dies"...lots of good sites out there, and when you decide on a size of thread to use, you can also get the correct drill size, and technique the same way. As for a drill guide, you could get someone to bore a piece of bar the same size as your cylinder diameter, (the bar need to be 6-8 mm bigger than your cylinder) then drill it in a vee block to ensure the drill hole is correctly in line with the center, then bandsaw it in half.....you will then have a "saddle" to sit on the cylinder......either that or use vee blocks and a piller drill to drill the cylinder...
http://www.efunda.com/DesignStandard...ws/unified.cfm
and metric (divide 25.4 by the pitch of the screw....ie. 0.7 in 4mm, to get a TPI equivalent)
http://www.efunda.com/DesignStandard...ewm_coarse.cfm
What you are looking for as an ideal is the same as when you put a nut on a bolt........if you think about it, once the nut is tightened, any thread left sticking out does nothing!....so the ideal is to have a depth of tapped thread at least the diameter of the bolt/screw....now obviously a 4mm screw is going to be bigger than the the thickness of the wall of the air rifle cylinder, so then you need a fine thread for more security.........a 4mm screw works out at 36 tpi (ish) .....It all depends as well on what you are mounting to, you could use a coarser threadform on say, mounting a peepsight to an airsporter trigger block where there is more "meat".....