Help!! Stripped Idler pulley bolt

[densvxer]

Help!!
As I was putting a new timing belt on my 92 svx and putting the last smooth idler on (lower left of crank), when I tried to torque it down to 26-32 lbs. It just kept on turning.... Sure enough when I pulled it out, there were aluminum threads in the bolt They must have been damaged by the subaru dealer mechanic 4 years ago when I had the famous separating crank pulley problem and the pulley drilled it self back into the timing cover and belt. Seemed there was enough threads to torque on by hand so I tried some lock tight blue. That wasn't enough so now debating what to do?

1. Should I use try to use that permatex thread repair stuff I see on the shelf of checker auto?

2. Order / install the correct Helicoil for it and drill out the remaining threads?
I have heard of these helicoils but never installed any. The thought of taking a drill the front of the motor is a bit frightening but it maybe the right solution

Any other ideas are welcomed

Thanx in advance Todd
Littleton, CO