Dave-
Heli-coil
I'm also gonna disagree with Bill...if you have more time than money like I do, you can save a pretty messed-up oil pan. Last year I was putting a K321 into a 682 for my loader tractor, and two holes were stripped and the mounting bosses severely worn. I drilled the holes all the way through with the tap drill for the 3/8" bolts, and then a friend of my dad's TIG-welded the bosses back up, and then I milled the bosses flat, re-drilled the holes through from the back, retapped them, made short threaded plugs on the lathe to seal the bottoms of the holes, then welded those in and milled them down to the gasket surface. I then sanded the whole gasket surface flat on my cylinder-head-sanding glass sheet. Yeah, it took 4-5 hours of work, but it didn't cost me a penny, and I would have had to wait 3-4+ days to buy a CI pan from somebody and wait from shipping, plus pay $25+ and probably at least $10 shipping. That money I saved went into other parts I needed.