Lol I cant even afford a bmw, even a 3 series lol.
A helicoil is an insert, but usually its a whole kit that you buy and it has a special tap in it, and a bunch of helicoils. Its probably better to have a machine shop do it so your not stuck with all the damn helicoils. Look up that thread somebody did on "repairing damaged threads" or something like that.
Also, What I saw somebody do an a racing motor once was literattly double the size of the hole, tap it, insert a plug, then drill and tap the center of the plug ffor the same spark plug.
If you look on the inlet of an IR impact, or maybe any impatct, and you look to see where the air plu is screwed in, there will be a hex on there, like it can be removed with a wrench. That is almost like a reducer bushing, but it is made out of steel, and threaded into the aluminum handle of th eimpact gun. What this does is protects us from ourselfs, because as you apparantly know, its easy to cross thread aluminum, a bit harder to do it with steel. I forget the "technical" name for them, but ill look them up.
Good luck
Jim