I have one of those NAPA rethreading tools. You know what a tap looks like, right? A bottoming tap has a flat bottom to get to the bottom of a blind hole, a starter tap has a point to help get things started.
This thing is a starter tap with a longer point which has a cutting surface like a reamer. Align it over the hole and gently turn; it cuts, it threads and it's wonderful. It cuts the spark plug hole oversize and then you install an insert, it's a threaded nipple with spark plug threads inside and threads outside that match the ones you just cut. A little Lock-Tite and you back in the game.
This is a 10 minute job that's only scary if you haven't done it before, nothing to it.
Dan
BMW -- You don't need a hibachi to cook rice.