Friend of mine did this. Wasn't careful of the shavings and ended up screwing his engine up.

One trick is to coat the drill in grease so it picks up chips. Another us to keep a shop vac running to suck up the chips.

This guy seemed to do a good job.

https://www.amazon.com/dp/B07TRP8756

Helicoils are fine but if it's something you take apart alot, I recommend these. It's a solid thread insert. Helicoils are best for something you put together once and don't pull back apart. Because they can pull out.