It's a bit hard to advise you at a distance.
A helicoil is a wire thread "insert" which is threaded into the hole. Obviously, an oversized thread has to be cut first to receive the helicoil which is then wound in with a tool.
The critical operation is the cutting of the thread to receive the helicoil - it must be dead square to the sealing washer surface or the plug will leak.
I would recommend that someone conversant with the procedure does the job - it takes practice to get it right.
Another approach is to thread the hole oversize and use a larger sized plug. This still requires accuracy to work. As with any repair job, the skill of the operator is paramount.
I would regard a new sump as an unnecessary measure - with care and skill, either method suggested above will work. Aside from the expense, you may have consequential problems if the sump is changed. If a repair job fails, the sump can be changed as a last resort.
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