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@markrjohnson
Helicolis work fine in situations where there is no dynamic loading of the component, such as spark plug threads, cylinder head stud threads, and exhaust manifold bolt holes. With these types of fixing you drill retap and insert the helicoil with the appropriate locktite. Importantly these components are then torqued and left alone.
Pedal threads are subject to multi directional loading and impacts and as such I would really think twice about using a helicoil. A better alternative is to get an engineering shop to make up a solid thread insert. However, to be effective the insert must be considerably bigger then the thread it replaces, this raises the issue of how much crank is left to support the insert. Also inserts are expensive.
You are really better off getting new cranks.
T