Posted 29 October 2012 - 09:43 PM
Ideally a quick bit of MIG or TIG weld, followed by retapping the hole and refacing the flat surface would have it as good as new, but that would need every trace of oil to be removed from the area, meaning a full strip down. I would try Araldite (not rapid, the slow setting grade is stronger) for filling it.
The other way is to drill the hole to a larger size, and either screw and epoxy, or weld in a top hat bush, to effectively permanently fit a new thread, or maybe just open it out and fit a larger plug. In this particular instance a helicoil is of no use.