Ouch, busted bolts are sure a pain aren't they...

If you get the area super clean with an acetone or other solvent wipe
and use RTV and let it set up for the 24 hours it calls for before
putting fluids or vibration to it, you might be fine.  I like 'permatex'
'ultra black'.

Getting it clean and dry is the biggest problem.  Even a fingerprint
will mess up the seal.

You don't say what year, but if you have an O2 sensor in there, you need
to use 'sensor safe' RTV.  Regular RTV fumes will kill some sensors.

Mike
86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00
88 Cherokee 235 BFG AT's
Canadian Off Road Trips Photos:  Non members can still view!
Jan/06 http://www.imagestation.com/album/pictures.html?id=2115147590
(More Off Road album links at bottom of the view page)

In some manuals it shows ok to do a timing cover leafing the pan gasket in
place; I recall one  gasket set where it said to replace that portion of the
seal only.
That being said; what kind of gasket is it? Rubber; cork?  I have had the
best luck with "Right Stuff" gasket sealer; from Napa and other chains-
Available in a cheese wiz can or a calking gun type;

http://www.google.com/search?hl=en&lr=&rls=GGLD%2CGGLD%3A2005-12%2CGGLD%3Aen&q=R
ight+stuff+gasket&btnG=Search

http://www.asashop.org/autoinc/jan97/gasket.htm

I'd give a repair a try, and if it leaks oil do the pan gasket later