How Bad Am I Screwed? :(

You should be able to pull the coverplate, put a rag to pick up the debris and drill and helicoil it. Napa has a selection, take the reverse switch down with you and make sure it fits the coil in the kit. The big trick is keeping shavings out of the trans and getting a good seal on the case to helicoil, and helicoil to switch. Good luck! The only other way is to strip in down and mig weld it, drill and tap. I'd do the helicoil, I'm lazy!