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Ouch! I wonder if there is some correlation of 4 here? 14 and 54? Hmmm...
Since the hole is now off center.. a heli-coil is not a option.
If I was going to try this, this is what I would try to do.... It would be easier so long as I understand correctly that the bad hole is on the head to remove the head, but you might pull this off if your slick...
Clean the area well, very well... Drill and tap to the next size bolt up, and no deeper than the original!! A blind tap would help alot after you have threaded to as far as a regular tap can go.
Guesstimate the off set of the now new hole to the water pump hole, With new bolt that will be part of the head placed in a vise drill it which will end up offset probably. Drill it out for the correct size bolt, and drill deeper than you need by 1/4 inch or 8mm...... Thread that for the correct bolt now, and then cut the cap end off close to the correct length.
With everthing spotless, place a nut on the correct bolt, and wind it into the stud you made.
Wind that in turn into the head, and release the nut, and remove the correct bolt. Place the pump in place and see how baddly the stud you made lines up.
Adjust the now blind hole threaded stud to line up as best you can. Mark it and the head with a scribe so you can line it up again.
If need be open the bolt hole in the water pump as needed with care... Try fit this once more to be sure....Besure you place it correctly, and be sure there is no protrusion, and if there is hand file it smooth...
Remove everything and with Loctite brand stud mount glue on you home made stud install it for the last time. Be sure you place it correctly, and be sure there is no protrusion, and install the pump. Leave the problem bolt loose so the stud and bearing mount glue can harden. DO NOT glue the proper bolt, only the stud you made to the head!!!!!!
When the alotted drying time has passed, then snug the correct bolt and warm up the engine a little bit, looking for leaks..
Shut the engine down and allow more time for the cure, as I find the loctite can soften with heating... When the engine has cooled again snug the pump bolts once again and drive the car....
I hope this makes sence to you, and that it helps.... Mac
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