The inserts have an external thread to 'grip' the metal it is being inserted into--in the case of the 500 head, aluminium. The insert with the correct 8 x 1.25mm INTERNAL thread is part number:---STT1M8-CR3 and has an EXTERNAL thread of 12 x 1.5mm---you drill a hole of 11.00/11.2mm. Looking at your photo,it looks like a lot of head (previous insert?) has come out with the bolt. If it has and you do need to tig-fill and then re-drill/tap the hole, do one side at a time if you can---this enables you to use the elbow as a drill guide. If you have any problem getting the inserts in Perth, contact me direct, with your address and I will put 4 into the post to you. If you have to do one end of the head, you might as well do both ends and prevent any future problems.
A company in Perth that might be able to help you with the inserts (from either of the companies) is "GoGear". An old mate of mine, Dick Ward, as far as I am aware, still owns this company. Dick has some history with Abarth---I helped him strip his road car and rebuild it as a 'full-blown' "Abarth 850tc Radiale" when we both worked together at Radbourne Racing. If Dick is there, feel free to use my name as a contact (Tom Montagu) and please give him my regards.