Time-sert or helicoil. Of the two, I would go helicoil, because it’s a bit lighter, and I wouldn’t want to add any real weight to the converter, or it will be a bit out of balance.
The Time-sert is the better option where great strength is needed, like repairing stripped head bolt holes in an aluminum block, but this is a drain plug, so, no real strength is needed.
A bit of grease in the flutes of the drill bit. Go very slowly. Grease in the threads of the tap. Go slowly. In fact, if you could just do the tap, and skip the bit, to minimize the chips created, that would be better. Drill/tap by hand, if possible, so that chips aren’t being flung under power. As an example, not knowing the ice, but if you can fit, say, a 15/64, do that, then go up to a 1/4, then a 17/64, etc. by hand each time so that you take out just a bit of material until you’re at the helicoil drill size.
Minimal depth of the helicoil so that it doesn't protrude farther into the converter than the plug did.