So today at lunch I went searching for the Frame Saver/Dropout Saver at local bike shops armed with my previous blog post about it. It's much easier to show people images about what you are talking about! Anyway the first bike shop didn't have the parts as they are old and rarely used these days. The second bike shop also didn't have the parts but during the conversation about what I wanted to do they suggested a Helicoil which they do have and can do for $20.
Considering that the saver was going to set me back around $15-$20 anyway I'm going to go for this option, now I just have to get my bike into the shop so that my bike may live again!