I have seen this several times. the way I repair it is to drill it out with a "left hand" drill bit. Usually the fitting does not come out. But get as much out of the intake as possible without damageing the threads in the intake. This takes alot of care. The threads in the intake are pipe threads. Take the new fitting to a plumbing supply store to match it up. Sears/ Lowes/ Home Depot don't sell that size, Been there, done that. As for the filings falling into the engine, after removing the old fitting I stick a garden hose in the filler neck of the radiator and turn it on. the pressure forces most of the filings out of the fitting hole. the few that remain should not cause any problem. Before you do this make sure you drain ALL the coolant. this way you wont be flushiing coolant all over the place. I hope this helps.
Any good auto parts store or tool truck will have the extractor for this. A little metal in the cooling system is not the end of the world -- very different from metal in the oil.
Don
To clarify -- there is a special tool just for this:
this:
I have this part in stock. Here's a link to the product page:
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