should actually work pretty well on a wood cored board
Drill with a ~C drill bit first where you want the insert. Then open the hole with a 17/64" drill bit so it is to the proper size. Use some drill bit stops to ensure you don't drill through the board. Then get a 1/4"-20 STI tap and helicoil, tap the hole, install the helicoil, and there you have it, a brand new insert. I will try this on my busted ass severance this week or next and let you know how it goes. Maybe I will take some video.