So now I am a little better informed on some options but not yet clear on the best way to proceed.
Fessing up time. The two times I have had to repair studs I used "std" helicoils (actually "recoil" brand).
As regards the drilling jig I simply made one out of a large-ish piece of timber left over from our home construction (yes this was 25 years ago) Take two pieces of Australian native hard-wood stair tread and glue them together. Then drill 4 holes with the same spacing as BMW head/barrel studs. To secure the drill guide I made up pieces of tube of sufficient length so that I could use a nut and washer to secure the drill to the engine block.
The most expensive part of the while process was locating and paying for an extend length drill, but I'm sure you will agree the long drill is much, much cheaper than making or hiring a low profile steel drill guide plate. The advantage of the depth of mine (approaching 120mm) was that the additional "guidance" given when starting the drilling.
This is not a complicated procedure.
The QLD BMW club used to have a drill guide for hire by members, perhaps check with your local club to see if they have one.
I loaned mine (which in any event was for an R100 so it may not fit an R65) and it was never returned - If I ever have to make another I would try and find some pipe with the correct internal diameter to slip over the studs and then drill the timber so that I could drive (perhaps using a little glue) the pipe into the timber block - that would be a tool for life, but possibly a little overkill.