Well, the kit was delivered late yesterday, so this morning I was going to get started on the repair. However, I read the detailed instructions in the Time-Sert kit, and it states the need for at least a 1/4" space beyond the hole being repaired. This is to allow the expansion tool to properly seat the insert.
The hole is roughly 7mm deep with very little clearance behind the hole where the cam chain and guide both reside. The space is so narrow, that to protect the chain and guide from drilling, I wedged a putty knife and thin piece of cardboard behind the hole, and they are wedged in fairly tight.
Since I can't properly install the Time-Sert insert, I am opting for plan 'B'. I am going to move up in size and tap to an M8 fastener. To deal with the clearance issue behind the hole, I will be using both a plug and bottoming tap to do the job. For reference to others, I will be using a 6.8mm drill to prep the hole for tapping.
It's another waiting game for the taps and drill to arrive. I will post the results of the repair once completed. I will either be posting from an insane asylum or at home drinking a beer, depending on the outcome. Stay tuned...