No, you couldn't do this, mainly because chainring bolts are a specialist cycle thread, as Ive tried to get one in my factory and we cannot get hold of them apart from a special order which we couldn't even find, so this would make it very unlikely you would get a helicoil in this speicalist thread.
You could drill the hole a little bigger and tap it bigger with a standard metric thread then use a normal bolt to go in the helicoil, but you would have to find a bolt which wouldnt stick out a great deal, this is possible.
Phil