If the bung seals via a taper thread, then a helicoil would be a bad choice as the chance of sealing both the helicoil and the bund is rather slim.
If there is enough material to make a decent flat on the outer surface of the gearbox casing, then a workmanlike repair would be to file the surface flat, and then tap the hole to fit an appropriate sump plug and sealing washer.
However, you might also make an acceptable repair by picking the stripped alloy threads out of the bung, using some goo, and re-fitting the bung, allowing a wider part of the taper to re-cut a new thread.
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