The old britts way is what SHOULD be done but it's not at all practical unless you have the engine apart anyway. Auto parts stores have all sorts of fixes for this; one of them should work on the bike just fine.
You could helicoil it as it sits - I have done helicoils in much more difficult positions BUT, of course, in this case you are drilling/tapping in the crankcase and some AL shavings are going to end up in there. I can't think of any way to ensure that doesn't happen but it might be possible with some thought and a lot of care...