Timing cover hole

Today me and my dad took the waterpump,timing cover and oil pan off a 383 stroker that is in our 30 model a coupe, we did this because we're putting new gaskets on to fix leaks etc etc, and it has geared timing, we discovered the bearing or shaft that goes through the gear(the wishbone gear) wore through the timing cover, any advice? We had bought a new timing cover(polished aluminum rather than chrome)a few weeks back, and we sat it on there, and noticed it didn't sit flush, any advice on this either?

I'm asking for some help since we're not chevy guys, we're more into fords

Thanks  

Welcome to the forum. Some of this does not add up but I will give it a go. My guess is that you are talking about the cam gear, a wishbone is part of a chicken. A flat tappet cam is ground to make the cam stay to the rear of the engine, however a roller cam can float to the front. What do you have? The cam gear bolts to the face of the cam with nothing going through the gear. A "cam button" may have been added to this connection, this is to keep the roller cam from walking forward. This "button" can wear on the cover, but probably was installed without the proper clearance. The cover can also be reinforced on the inside. The button may be keeping the cover from sitting flush. There are better ways to keep the cam in place, if you do have a roller, you may want to check into this. If you don't have a roller you really don't need the button.  
Jim
70 El Camino
461 solid, m20,
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i've always heard it called a wishbone, heres a picture:
http://i20.photobucket.com/albums/b245/Spepple/GearDriveTimingSet.jpg