If the helicoil process is carried out correctly there should be no problem.
The M12 helicoil drill diameter is 12.3mm.
7/16" diameter thread if completely stripped is 11.1mm.
So the 7/16" thread diameter is well under the drilling and tapping diameter for the M12 helicoil. Even if the 7/16" thread is completely stripped.
Probably the biggest problem will be to exactly align (square) the drill and tap for the helicoil to the original hole.
When drilling keep the drill speed to an absolute minimum and use a small amount of oil so the hole doesn't come out oversize. Good idea to drill to a depth of only about 1mm first then check the new hole diameter before completely drilling.
Not sure about the legalities being a brake component. Others on the forum might know more.
Agreed, the strut bases are a very good quality cast steel so drilling and tapping a good thread will be no problem.