I find that Helicoils go well on these motors. Never had problems. This looks like an easy job Assuming you have the cylinder on the bench.
Never used Timeserts, cant comment.
Alternatives:
- tap the holes for 7mm bolts (there is not much metal on the timing chain well side...)
- get another s/hand cylinder jug (lots of them everywhere on eBay)
- I wonder if any body has ever tried to use JBWeld on these sorts of situations, ... and dared to report
Note that, contrary to what the two pictures together could suggest, these two bolts do not go down to the crankcase, they only hold rocker cover + cylinderhead + cylinder.