Did the same thing a few weeks ago tapping my 350 block for an alternator mount. I fixed it not by tapping it, but by using a Grade 8 bolt 'backwards'. I used my grinder to take the hex head off of the bolt. I took time to make sure it was as perfectly round as possible. I found a drill bit that drilled the exact same size hole as the bolt diameter. NOTE - The bolt will NOT fit into the hole. It's the exact same size. I purchased a small chunk of dry ice from the grocery store ($2) and I wrapped the bolt up w/ the ice for 20 minutes. I then put a torch on the block and heated the hole up quite a bit. Quickly, I beat the frozen bolt into the hot hole w/ a small sledge. The block cooled and shrank, the bolt warmed and expanded. I now have a forever-there stud in the block. I couldn't get it out if I had to. I used the stud sticking out of the block instead of threading a bolt into the block. It sounds complicated but it really wasn't. You would then use a spacer and a nut to tighten down the valve cover in your case.