Broken water pump bolt removal

OK, had an overheating problem and found that corrosion had eaten through the water pump housing so it wouldn't hold pressure but would just barely weep coolant. Anyways, broke the lower passenger side bolt trying to R&R it. :banghead:

Questions: Will I have to pull the timing cover (small block) to drill this SOB out? I figure I have to drill it and then use an Easy-Out (easy my a$$!) unless someone has a better method. Also, where can I get a correct bolt to replace it?