If I am understanding the question, I think the top most bolt on the oil pump is actually in the timing cover so either would work in his case, heli-coil or a new cover. Be careful with the oil pump and the water pump if you ever do it because the whole front end of the 2xR series of motors is an aluminum timing cover, head to oil pan.
The problem is that the top bolt is right in the middle of the cover so you will have to be careful not to drill thru the cover. Also, unless you have a right angle air drill, and/ or want to pull the radiator, space is going to be an issue to get a drill in and make sure you get it drilled out straight. If you are going to pull the cover to try and drill it you might as well go ahead and just replace the cover. Engnbldr makes a good one and it is inexpensive, OEM are available but are around $200 from one of our fine vendors.
Word of advice, pulling the timing cover without having the head or oil pan off will be a chore. It can be done but will require careful maneuvering and at least on of the two will have to be loosened to get the cover off (oil pan is easiest). If you go this route make sure to not forget the "hidden bolt" in the front of the head and make a template to keep track of the bolts because they are all different lengths and diameters and need to go back in the correct place.
If you can get a drill in there and heli-coil it that is going to be your best bet, otherwise you are in for a pretty involved process. A small impact style drill with the proper bit should fit if you pull the radiator, a regular drill might fit. It has been awhile since I fiddled with the front of mine still in the truck, I do know that with the rad out an air impact will fit the crank bolt but an electric impact will not so there is a decent amount of room up there with the rad out.
Good news is it can be fixed, bad news (not really bad, but not that good either) is that either fix will take some time.
Good luck,
Matthew