So after several weeks of no time, I finally got to the heli-coil fix on the swing arm/control arm - there are a lot more wrongs than rights, so just throwing it out there for anyone who might run into a similar situation.
Thread stripping on the aluminum swing/control arm is fairly common - so I wanted to give Heli-coil a go - the process is to drill out a larger diameter, rethread the hole to a larger size then install thread coil (basically to retain the original bolt size m14x1.5 in this case).
Drilled a larger diameter hole - it is critical to be dead center otherwise it just won't work.
First mistake: I was probably slightly off and wasn't dead center.
Second mistake: Installed the helicoil thread coil, I installed it too deep, it has to be 1/4 in and rest will be threaded in with the bolt and will lock into position with bolt all the way in.
Removed the strut and replaced the bump stop with DINAN stage 1
As I went on to put everything back together the bolt won't tighten and kept spinning.
Third mistake: I did not do a great job thoroughly cleaning the cutting oil and added orange thread locker on slightly wet threads and the bolt came out like below - cutting oil did not let the coil sit in place and lock.
Heli-coil thread coil was damaged and threads stripped again.
I now have two options, either I can save this swing arm by taking it to a machine shop and having them professionally do a BIGSERT, somewhat similar process to drill out a bigger diameter hole and insert a correct size insert, it is considered to be safe and long lasting.
Or go ahead and buy used swing/control arms and call it a day, maybe replace bushings as I will be going through the pain of removing the entire arm.