Shacomm,
Removing that side cover is one of the toughest jobs on big HP Scott. You have one broken bolt now. You will probably have many more before the cover is off.
But, before removing the cover you will also have a bit of a challenge removing the power head. Removing the wiring, fuels lines, linkages etc., is fairly straightforward. Removing the 13 socket head screws is a little more difficult. Unlike the side cover bolts they do not normally corrode and break off. It's just that three or four of them are difficult to get to. You need to have ball end hex wrenches to get access, and even then you may need to heat bend one of your wrenches to get the job done. The best tool I have ever found is a ball hex wrench that is about eight inches long and has a very short leg for the ball end. Then you need a long hex ball end driver. Most go-kart shops have them for the carbs on Briggs engines.
I suspend the engine on an overhead hoist so I can get easy access to the screws and when I have all but a couple of easy to get to ones left I lower the motor back on the stand, pull the remaining screws and then lift the power head off.
If you don't a hoist or engine lift you will have to work on the engine stand and it gets in the way, or you can lay the motor down to get the screws out.
Then, when the power head is off very, very, very, carefully try to remove each bolt on the side cover. A few may come out, but it's almost impossible to tell the difference between the bolt coming loose or it starting to break. Try to work the bolt back and forth slowly and use the penetrating fluid of your choice. Penetrating fluid doesn't seem to help much because the screws are corroded to the block all the way down the inch of thread.
So, you'll probably get a few out, and you now have a decision to make. You can break the rest off and pull the cover leaving you with a lot of drilling and easy-out work, or you can cut the heads off with a die grinder and cutting wheel, or some similar method. This leaves you with a bunch of "studs" left and with a vice grips and a with a lot of heat for a very short time period from an oxy-acetylene torch (I use a rose bud tip) applied to the block on both side of the screw hole allows them to be easily turned out. You can see on the attached pic of the 75 HP I am currently working on where I had to heat a couple of bolts to get them out. A hand held propane torch won't put out enough heat, but you can give it a try and you might be lucky.
By the way, the 75 hp has more cover bolts than the 60 hp, which tells me the cover has had leak problems in the past and Scott tried to fix it on the 75 hp!
With the cover off you can now heat the center row as well as the outside rows. That's another reason to cut the bolt heads off. It allows you to remove the cover to heat the center bolts.
If you want to reduce the amount of bolt heads to cut you can remove the side and end bolts with heat and then just cut the center bolt heads. You usually have to heat a little more because you can only get to one side of the bolthole this way.
Once all the bolts are out, I use a 1/4-20 bottoming tap to clean each bolthole. Occasionally you will find the tap may hit bottom and keep right on turning. The threads have been corroded away. Now it's time for Heli-coils. I used a 1/4-20 2D (twice the bolt diameter) 1/2 in. long. NAPA may stock them, but they can order them if they don't. Their part number is BK 7703117.
Also, before you install the cover it's a good idea to screw in a 1 in. long 1/4 -20 bolt with a couple of washers in any hole you that you didn't have to Heli-coil. Torque it to 30 inch pounds (factory recommended torque for these bolts) to make sure the threads will hold during the final installation.
I really don’t like recommending patch jobs, but to do this job “right” is a real b**** IMO! Getting Heli-coils in straight and on center is difficult. The block I am working on now had a botched Heli-coil job and even has a broken off tap in one hole. As you can see I use a vertical mill to get the Heli-coils straight and on center.
Instead, you might try to clean your water leak area down to bare aluminum with a wire wheel and try to seal it with JB Weld. That stuff works amazingly well if it goes on clean metal.
Paint it red to camoflauge it a bit, and cross your fingers.
If that doesn't work, then pull the side cover.
Don