The problem with trying to do any kind of thread repair is getting the hole drilled and tapped straight. With nothing to reference to, it is impossible to use a drill guide, eye-balling it is a gamble at best. (A bad gamble if I'm holding the drill!)
If the pan is accessible the best solution would be to replace it.
If I were going to try repairing it installed, I think (without seeing it) I would pull the Helicoil out, carefully try to drill the straightest hole possible and tap it for taper pipe thread. (Just an FYI, a taper tap only goes part way into the hole, typically leave about 6 threads showing). Reason for using taper pipe, a taper thread hole is more forgiving of being crooked that an Oring or gasket type plug.
To minimize chips, dip the drill and tap in heavy grease to "help" trap the chips, rinse the hole with spray cleaner afterward. Work it with the hole in the downward position.
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Today's Featured Article - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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