I am not a big fan of the Helicoil product. They have their place, but depending on the application - other options should also be considered. The reasons I'm not keen on Helicoil is you have to buy the specialty tap and insert, they are not real tough (it is easy to damage the Helicoil - usually you can replace it, but if the hole gets damaged again, the options become a bit more difficult). If it is just one hole, you may not want to purchase a kit for that one time. Again, Helicoils have their place, but consider some other options.
Is there room to simply thread in a sleeve? It depends on how much room you have. Play around with larger NC or NF (or even metric) threads to get one that will fit (and you have / can get a tap for). Drill and tap that bolt for your 1/2" thread - then loctite that sleeve in. Can you use a stud? Then make a stepped stud. Can you just oversize the hole and put in a bigger bolt? Can you make a simple straight sleeve and weld it in?
My little lathe uses British Standard fine threads. The two piece apron cover is made of an aluminum casting and one of the screws holding the two pieces of the cover together was stripped. I had the right BSF tap, so I drilled and tapped a 5/16 bolt, cut it to make a thread x thread sleeve, drilled and tapped the casting. The repair is nearly invisible (certainly once assembled), the bolting is all original and the result is stronger than the original. This is a common issue with this particular old English lathe (which is a very nice machine, but has a few oddities - like weird bolting) and most people tap the holes a bit larger to some size that is easier to obtain. My solution took very little extra time, and I did not end up with one bolt different than the others (or changing the bolting for the whole cover).
Good luck. Let us know how you make out. David