Two very small holes won't hurt your block a single bit, so don't even worry about that.
I would suggest using this on any AM V8 to eliminate any stress that cam walk may impart on the distributor drive. There are dozens of other posts regarding distributor gears and how to make them live on the AM V8, persue those threads for invaluable info that will help to keep you from having to R&R your timing cover except for cam changes.
Here's the anti-walk kit mfgr's tech page:
http://www.matadorcoupe.com/Alfano.htm
