IF the Helicoil doesn't seem secure, move up to Timserts or similar. I would not go to a bigger bolt.
I followed the timing belt cover debate while it was hot a few years back. I've been running them without the front covers for a long time now with no problems. I don't do anything crazy, like rally cross or bashing through snow drifts though. It is a lot easier to monitor condition and tension and idler bearings with them open.