Buying a Helicoil kit to replace one thread is a bit extravagant. You can't just buy a coil, you need the right size drill and tap (both very precise) and an inserting tool. I can't remember the thread size specifically right now but it's somewhere around 5/8" UNC and a Heli-coil kit that size is going to cost you about £100.00.
The tang can be easily snapped off using long nose pliers on large threads like this but you have to make sure it doesn't disappear into the box. If you do decide to get a kit and go for it, remember to pack all the drill and tap threads with heavy grease first. This will trap a lot of the swarf produced in the cutting. Magnetised pliers would be good for breaking the tang, or a magnet tool or something like that (actually I don't know whether Heli-coils are magnetic or not). After finishing I'd be tempted to jack the near side of the car up some more so the sump drain is at the lowest point and then slowly inject some thin oil into the opening to wash it out as mush as possible. The magnetic nose of the plug obviously isn't going to help trap any swarf you leave because it's all aluminium.
<Doug beat me to it with most of that!>
Edited by Dan, 09 September 2008 - 07:40 PM.