[jcslocum]

A Heli-Coil is perfect for this application. Yes, you drill the hole a bit oversized, then tap is to the outer thread of the insert, then screw a "spring" like device in that is the thread on the outside and inside. Clean the new big threads with a bit of brakekleen, a drop or 2 of locktite on the outside of the insert, screw it in and leave it overnight so the loctite can dry. Use a normal thread.