When using the water inlet threaded holes to mount an engine stand, use grade 5 bolts that go the the bottom of the holes and if a trifle longer than needed use some flat washers to make sure the bolts get tightened.
The helical inserts, Heilicoils or other brands, are a good idea. As others have said, just make sure they are inserted in the correct location and perpendicular to the surface. And, as others have said, use a bottom tap for the threads for the inserts.