hoki06 wroteTag on the valve cover reads: 412N04
4 = either 1971 or 1984. Since it has bridged rocker heads, I'd say 1984.
12 = December
N = 2 BBL 360
04 = 4th day of month
So you have a 2 BBL 360 built December 4th, 1984.
Before you trash the head, a shop may be able to weld and re-tap that hole, since there's no sealing surface around it. What concerns me is to the left on the block looks like a crack, it could be a casting mark.
The stuck bolt may be corroded into the aluminum timing cover. An impact gun and some heat from a torch may be needed.
Pull the heads and look at the cylinders. If there's open valves and you can't turn the engine, loosen both bolts on the bridge evenly, a couple of turns at a time.
Bob
tufcj