Stripped water pump bolt hole in block

OK, so I am in the final stages of getting my car back together and was starting to put the accessories on. While tightening down the lower left water pump bolt, I felt/heard a loud metallic snap. So I pulled the bolt back out and a thread came out with it. Crap!

This bolt was for the alternator adjusting bracket. Guess I didn't realize it was too short since it worked with my mechanical WP but I recently changed to an electric with some different spacers. Evidently, it was a thread shy.

So after I pulled the first bolt out, I was able to thread in a longer bolt and tighten it down sufficiently. I used teflon paste on the bolt threads.

Here's the question - would you pull the timing cover and heli-coil it? I really don't want to since I was able to tighten the longer bolt down. I dunno though.

What to do?