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Thinking this through a bit more, I reckon what I'd do would be to get a bolt the same size as the rivnut, fit it with a nut, followed by a decent washer (or two) then screw the whole lot into the rivnut by 5 or 6 threads.
Thus you would end up with a washer next to the swingarm/rivnut, then the nut, then the bolt.
I think if you hold the head of the bolt and tighten the nut down against the swingarm and washer, you should then be able to tighten the nut further (while still holding the bolt head) and this should draw the rivnut tight.
Then you can either drill it out and replace it or simply leave it alone and continue to use the old one.
Similar techniques for rivnuts are described on youtube .. its worth a look before you start, just to verify the method and familiarise yourself with how to do it.
....the method that I suggested above is just off the top of my head, but I think its about right.
If you do fit a new one, you could use the same technique to fit that, saving the expense of buying a rivnut gun.
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