I've used RTV on exhaust manifold bolts on 318 and a 413 Mopar V8 before and they never let coolant escape (the bolts go right into water jackets in the heads)..Permatex #1 or Aviation Sealer or Indian Head might have been a better choice,but I used what I had..
I thought about that too,a WP bolt rattling loose behind that plate,and getting lunched in the timing gears,probably destroy the whole engine & IP at the same time..the crank would probably snap too!..

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As for the petcock,the only thing I could suggest is maybe pulling the lower hose off to drain the coolant might allow you to catch more of it,but most likely it'd just gush all over the frame & body metal and be hard to catch in a drain pan..
Once it was drained,you could put a better petcock in the radiator with a hose nipple,or an elbow and piece of 1/4" pipe to put it in a better location..
I have siphoned the coolant out of some vehicles that had that issue,but you cant get 100% of it out that way,but most of it..
I don't like to rag on the 6.2's,because I cant bitch about how much mine has taken as far as "abuse" and not failed yet,but GM could have done a lot better when they designed them..they were not designed with the poor mechanic in mind ,that is for sure..
The location of the lift pump majorly sucks,right in line with the frame---ditto for the exhaust manifold bolts..may as well lift the engine off its mounts to replace either of those items..
--the WP is a major undertaking compared to a SBC or BBC,the fact coolant can get in the crankcase behind that plate sucks too--and the fact they have their issues with cold starts,"swelled" glow plugs,and like to eat starters (or snap the bolts or the block casting off !),on top of the weak crankshafts,I am not a huge fan of them..plus they dont really have much power,just torque..
They started off with some good ideas--the 4 bolt mains,double roller timing chain,roller camshaft--then ruined it by using a weak cast crank..

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They would have been a good candidate for a lighter car like a Nova or Camaro,Chevelle,Impala,but for a truck they should have made a better more "medium duty" diesel,preferable an inline six like some Isuzu box trucks had..