Kez,
Not exactly...
There is nothing stronger about metric or SAE threads, or fine/course threads. It all comes down to thread engagement ratio (major/minor diameter). On the level you're dealing with, there is really no need to concern yourself with thread strength.
HeliCoil taps are a beast all their own. You cannot use a 5-40 tap for a 4-40 HeliCoil insert. You must use a tap labeled "STI" for the thread size you intend to use.
As for the form tap option.....
The first thing you have to understand about form taps is that the tap drill size is considerably larger than that of a cutting tap of the same thread size. The tap "forms" the material, pushing the "valleys" up onto the "hills", and thus the minor diameter is reduced in the process. If you try and run a form tap into a hole drilled for the same size cutting tap, you will very likely break the tap. Don't. Do. That.
If you are trying to repair M3 holes, you can probably re-tap them for 5-40, just by running a 5-40 form tap into the holes. Fill the holes with WD-40 and make sure the tap gets started straight. You may even be able to get away with not having to open up the through holes in the part you are attaching.
The next size up from there is M3.5 or 6-32, which are basically the same major diameter. The metric screws might be a bit tricky to find, unless you buy a QTY box, but they are a standard size. For the metric tapped holes, you would need to open the hole to .126". I'd suggest a reamer, but you could probably get away with a 1/8" drill. For the SAE thread, I'd suggest a .122" reamer, but I've heard of guys using a 1/8" drill, which I wouldn't suggest. Same process as above for running the tap. You will likely need to open up the through holes of the part being attached.
None of this is unobtanium. MSC has these taps my the thousands, as do most other outlets.
Balax is an excellent source for technical info, specifically tap drill sizes for form taps, and their data is relevant even if you don't use their taps. Personally, I prefer OSG taps, on a cost/quality value ratio. If you treat them right, they last literally forever.
FWIW... You can also use form taps in Delrin. The screw acts like it doesn't want to go, but it will with a wrench. It acts like a NyLock nut. If you're having trouble with screws backing out of a Delrin part, due to vibration, try stepping up to the next size and using a form tap. You're welcome.
Hope this helps. Brad.
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