the last engine i put together had no fewer than 6 helicoils in the head from a previous rebuild. the same hole you are talking about was beyond repair, and i had to have a machine shop make an insert for it. it only cost $30 or so-- they basically drilled out the hole much larger, threaded a solid plug into it with threadlock, and then drilled and tap a new hole back to the right size. it's kind of the same concept as a helicoil, except that it is solid metal and you almost can't tell the insert is there.