Your best bet would just be to look at it, take the tinware off etc so you can see just how bad the thread is (In the head where the helicoil threads into). If it's too chewed out the head may need to be removed, if not try installing another helicoil.
I'd say it'd be too risky because of the swarf caused by the helicoil AND the small tang which needs to be removed from the helicoil, ensuring it doesn't enter the combustion chamber.
If you feel confident that you know what you're doing, and that you're doing it correctly, go ahead.
If not I'd suggest taking the head off (Which sucks big time, but if that tang falls in it'll have to be done anyway).
It all depends on what you want to do.
Good luck and I hope this rambling makes sense to you all.
-Staggers.
STAGGERS AUTOMOTIVE - Heavy Vehicle Diesel Specialist
JB CUSTOMS & CLASSICS - Car Builders
2/53 Tradelink Drive, Browns Plains