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Instead of denting the timing cover I have seen guys that braze on a button and then just repaint the timing cover.
The cloyes aluminum is @ $110 USD
The Comp Cams nice two piece that i have on one of my motors is about $200
As i said the cloyes took alot of hours to make it work. I had to machine the top front and also the roller button face about .050 to give it clearance with my Crane gear
As a side note. most aftermarket aluminum water pumps come with an adjuster nut fron the pump to the front timing cover to support the center for roller cams