Ok,
1) personally I would weld up the hole or swap cases, but I'm very OCD. I've never liked helicoils. We use thread certs at work in those situations which are more stable than helicoils. That would be a very small helicoil, and a pain in the ass to install I would think, but I'm impatient and easily irritated
2) there is a product that we use occasionally in situations like this where a customer plant can't afford to tear down a production line long enough to do a proper repair, so we have to do patch work. For something like that where the fastener isn't torqued much at all anyway, we used a product called Pig Putty. It's a two-part epoxy putty. They make several different kinds for several applications, so visit the website for the correct one. We have drilled and tapped the stuff with success in the past. The stuff is kind of expensive though. Metal impregnated. Works good in a pinch. I can't tell you how long those repairs lasted, but we haven't been called back to fix it again, yet
The thing about drilling and tapping JB weld, is that JB is very hard so it chips/shatters under stress. So when you tap that, your threads are actually brittle and will break off easier if stressed, in our experience(yours may vary). The pig putty hardens very well and quickly, like JB, but not as brittle for threads, which is why we use the Pig or a similar product like Alumabond or Lab Metal(which are cheaper than Pig, fyi)
JB Weld may even make a metalized product for this application that I'm not aware of. I'm just not experienced with anything they make other than the general use epoxy.
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