I just found out my '99 has the same problem. It already had the oversize bolt installed, so the Helicoil kit it is for mine.
I grabbed a set of 2003 knuckles back during cash for clunkers. There were a few reasons.
- I had an oversized bolt already (like you do).
- Second the threads seemed really susceptible to corrosion and the truck had started life up north though everything else was solid those threads were weak.
- The 2003 caliper mounting system is much better.
- The rotors are larger and you get dual piston calipers.
The only real downside is you can't run the 2003 brakes with 15" wheels. But mine was a Dakota R/T with 17" wheels so I was set. I got the front knuckles loaded with calipers and rotors and the rear axle with rear discs for less than $200.
I'm gonna do the swap on the current Dakota since the one I bought the parts for got totaled.
This is just one thing you might want to consider, but it is more work than a helicoil for sure.