I found the trick to removing the insert, it just took more heat than that of boiling water.
I put the assembly on a stove burner while applying my home made extraction tool, and the threaded insert became removable. It seems there's a glue Horseman used that takes high temps to remove. Regular hot-glue can generally be removed with the temperature of boiling water.
Pictures follow:
Front standard after the insert was removed.
The tiny parts and home made extraction tool.
The final assembly ready to be reinserted into the standard with a new application of hot glue.
Finally I used a laser-pointer, target (with center hole), and cut glass for the film holder and lens board, to re-align/adjust those surfaces to be parallel.
Thanks ic-racer for keeping the thread alive.
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