Ok guys, so I ordered the time-sert kit on the phone on Thursday and it arrived all the way from AZ on Saturday. Thanks heaps to John for the ultra-fast shipping+delivery and for helping me out choose the right kit for the job.
IMPORTANT NOTE:
If any of you is planning on getting a time-sert kit to fix whatever make sure you order the right one. I first ordered an M14 x 1.5 but it turns out there is a difference between that and the "M14 x 1.5 drain plug fix" kit (Time-Sert repair kit #1415A) so make sure you call John @ 877-591-3770 before you order. Not all available kits are listed on ebay/amazon so if you wanna buy - best call first.
That said, I am glad to say the oil pan is now fixed and I am just waiting for my oil pan gasket to arrive in the mail hopefully tomorrow or Tuesday. I am really tempted to put the old one back on and just ride but I think I'll wait till tomorrow. Also, I think I will just reuse my exhaust gasket rings as I forgot to order new ones and I don't think anything bad will happen if I use the old ones (which look in pretty good shape).
Thank god one of my closes friends came by to help me out (or should I say to do 90% of all the work).
I have one bad news though. I told you I was gonna make a little how-to report and I really did start it. The problem is that at one point I had to go to Sears and buy some additional tools. Nothing bad in that, right? Well, not if you forgot your brand new Canon camera on the roof of your car. So yeah, at one point I realized my camera was missing and after I gave up looking for it we finished off our oil pan work without taking any pics. After we were done I had to give my friend a ride home. As we came out of my driveway he saw some little black device splattered on the asphalt right next to the curb. And that's how my drain plug has cost me well over $400
So yeah, the oil pan is fixed and the time-sert worked like a charm. The only drawback that it has is that you will likely use the whole $120 kit one single time.
Oh and also, I am so so glad that my friend convinced me to take the oil pan off before doing all the drilling, re-tapping, counterboring, etc. There was no way a simple oil-flush would have cleaned all the little pieces stuck in the corners and on the walls of the pan. It took quite a bit of air and brake cleaner to clean it up.