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need to know where all points go on timing gears? or if you have a sca- matic so i can see? ...
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OK so you CAN get a drill in there...Good! you should be up and running soon!
Likely you don't have enough room to get a drill in there to do that while it's in place? Bolts like that are generally in tension only when the heads are in place. Have you tried taking a small drill (like a dremil) and cutting a screwdriver slot into the stubs so you can back them out (perhaps with the aid of some wd40 or other solvent)?
I could figure out how to remove the flanges if I was there, but don't do enough work on those cars to give any advice on removal, but likely you won't have to.