There is a tool called Sav-A-Thread by the makers of Helicoil. I purchased one at AutoZone for ~$30. Its easily the best thread repair tool I have used. It pilots its self through while cutting a larger set of threads for the steel insert (NOT a helicoil spring type). Put some grease on the tool to hold the shavings and just clean and re-grease it a few times. Once the hole is cut clean it out with brake cleaner then you loctite the insert and screw it in till it stops. Once it bottoms out you give it a good whack with another tool to round over the top edge to lock it in. It works very nicely.



Edit.... Looks like Adam had the same idea.