Shawn,
Before you decide you might give Ken or even Don a call. They offer thread repair inserts in their catalog and I cannot imagine they'd offer anything that wasn't top shelf, thoroughly tested and endorsed by them.
While you're on the phone, ask about the potential for coolant leaks like Joe mentioned. This can't be foreign to them. For example, Chevy small block head bolts also thread into the water jacket and it's normal practice to seal the threads with Permatex before installation.
__________________
Neil
1977 Catalina 30
San Pedro, California
prior boats 1987 Westsail 32, 1970 Catalina 22
Had my hands in a few others
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