Can a heli-coil insert – be replaced?

Daves69 said

I believe they do as well as the E-Z lock brand. Of course you might be able to screw one in with a bolt, hardened washer, and nut.

Another possible option, unless you've ruled it out, might be drilling and tapping for a larger bolts.

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The special tool is just stepped punch to smash the pins down. They can be threaded to flush by hand or with a bolt, then use the install tool and a hammer. It's not as tough as it sounds and thread locker should still be used to seal the OD due to the liquid behind it.