Isn't that bit also called an easy out? At least that's what my dad called it.
Yes sir!! Thats what its called.I have fixed many lugs this way..Any hardwear store has them they are about 3.00-4.00 each and you can re-used them over and over..Also remember to drill the hole a little smaller than the easy out..A few tips when you drill the hole try to go far as you can,then take the easy-out tap it in the hole used a re-tapping wrench and turn out the old screw..Works all the time for me..Mikey