Definitely use a heli-coil. IIRC the kit you need is 8MM X 1.25 pitch but you can take the bolt to the hardware store and verify to make sure. Ive never heard of using blue loctite on a heli-coil and i've installed plenty of them at work on aircraft engines but to each his own. Good luck and be sure to vacuum all the chips up from the drilling and tapping.