I’ve used threaded inserts for conventional thread repair but just haven’t had the right opportunity to use them for pipe threads. Here are links to a couple of different thread repair kits for pipe threads.
http://www.timesert.com/html/taperpipe.html
http://www.lns-sea.com/fst-id.htm
And then there’s the liquid goop made by Loctite to seal the existing worn threads. http://www.grainger.com/Grainger/LOCTITE-Stripped-Thread-Repair-Kit-1YDZ5
If I was in a time bind, I’d consider tapping to the next size and using a bushing to get back to the original NPT size.