I think if that's an oring gasket, its saying to lube the hole so you don't ruin the o ring gasket, any kind of oil should work. if thats the case.

 

I would use a Grabit screw extractor (or similar) to remove the broken screw. A screwdriver and a line created with a dremel may not do it because the screw is already in way too tight (from it breaking).

I have a GrabitPro/ProGrabit screw extractor kit and the smaller one (number 1) should get the screw out. You use reverse to drill the pilot hole and reverse the remove (with the other side of the bit).

It shouldn't take more than a couple minutes. I would give that a try before replacing the water pump, but that's what I would do.

Good luck!

 

Also, get a torque wrench if you don't have one. You can get them almost everywhere that sells tools. I have a click style torque wrench from Harbor freight. Picked it up on sale for like 15.00. Just keep in mind that on our older bikes, the screws are already weak from age, so my torque method for small screws like that are to torque at slightly less than OEM specs (a half to 1 ft. lb. less).

I don't follow this rule for engine bolts, wheel bolts or anything larger that won't break as easy.

Cheers!

 

I'm in the same boat now how did it go replacing the water pump lol

 

Time machine!