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Guess that can be an option at this point... since what is left to remove it the part (spacer) between the water pump and the block. Was afraid to remove that "spacer" but probably my best option at this point.
That is the timing cover. It is not a big deal to pull the timing cover other than accessory brackets that might be in the way. I would do that versus hoping it doesn't leak. My luck would be that you have a leak either at the timing cover or the water pump after you get it back together.
The engine does not need to come out to remove the timing cover. You will need a front cover gasket set. Make sure you use plenty of RTV on the oil pan corners otherwise it will leak there but it is a pretty straight forward job. May as well toss an E cam in there while it is apart.