You have to remove the cylinder head to do that repair properly.
If you drilled it out and installed the Time-sert with the head on and started the engine the chips would most likely be blown out the exhaust passage and not the intake.
The real danger is the chips getting caught in the compression ring, and scratching the cylinder wall, that would result in lower compression on that cylinder.
Take the head off.
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2008 E86 M coupe
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