Thanks for the input everyone. I think I will install ports and thru-bolt the gudgeons. It seems like my best option. I don't know of anyone local that I could get to do the repairs and cost is a huge factor. I think I am up for the port installation.
Carlbohannon, I think I know the bit you are talking about. I purchased one of those to drill around the ss screw. It was nice to be able to see the screw and know where the aluminum backing plate was. Do you think that bit will go all the way through the aluminum? This is what I have been using more or less, they are pretty expensive though at 15 bucks or so a pop
http://www.toolbarn.com/hitachi-728020.html?gclid=COmks5jl87kCFfFj7Aod9X8AfgIf that will go through the aluminum, then I am just going to drill around the screws and bore a hole, fill with resin and filler, re-drill, thru-bolt, and seal it all up and GO SAILING!
Do you worry about the helicoils failing because they are not set in the aluminum backing plate?
My next question would be...what are the best ports to use. Should I order from Hobie or somewhere like Annapolis Performance Sailing?
