I've never done it on a 500, but I've heli-coiled a lot of other things, even spark plug threads on an aluminum cylinder head. Shouldn't be a big problem.
A Helicoil should work very well. The other possibility (not my first choice) is to tap the hole for a slightly larger bolt and replace the bolt with a bigger one (you may also need to open the bolt hole in the stock up a bit).
How did this gun come to have a stripped out stock bolt hole?
I only ask because I once bought a 500E (.410) that someone had tried to put a regular stock on (had pistol grip) and used too long a bolt. The bolt went in to far and hit the trigger group and damaged the treads of the bolt (the trigger group need some replacement parts). Thankfully they gave up and sold it cheap. I had to use my dermal to fix the treads so I could pull the bolt out with out damaging the receiver.
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