Basically to install a helicoil, the drill size is the same as the major diameter of the size you're installing. So you're not really taking out that much metal. I have just run the helicoil tap through a part with fully stripped threads without drilling. The set I have is 10-24 and needs a 13/64 drill. Drill size for a 10-32 helicoil would be the same. It looks like you can get a 10-32 helicoil type thread repair kit for under $30 on Amazon. Actual Helicoil brand is crazy expensive now.
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Kevin
1951 Chevy 3100 work truck
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1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car)
Busting rust since the mid-60's
If you're smart enough to take it apart, you darn well better be smart enough to put it back together.