You won't fix that case with "alumiweld" rods. They are a brazing rod, not a welding rod. Where the PO jammed all that blue RTV goo, that has to be removed and the case pulled together, then welded for any strength to exist. The hole should be drilled, filled (peen as you go), then re-tapped for proper strength. A helicoil will not work until the case is restored structurally.
Because the case is cracked and in tact, welding from the inside carefully will work just fine. Watch the heat so you don't get casting bubbles and observe any internal clearance areas closely.