If it were me facing this situation i would be inclined to do the following:
remove grub screws, clean threads with carbon tetra chloride (nasty business), plug the bottom of the holes with Loctite 5910, coat the threads on the grub screws or better still socket caps with washers of either fibre or annealed copper, and wind them in gently, allow 24 hours for the stuff to dry, start the engine and run for 30 seconds, drain the oil and refill and run up to full temperature again.
This is on the pressure side of the oil pump so no problems with it being 'sucked in'
Loctite 5910 is akin to the 'gorilla snot' that they use to glue the two halves of my Jota engine together with in the factory. I used it when re-assembling the J motor and have had no problems what so ever. It was obtained for me by the previous owner using the five finger discount method but it's catalogue number is 23854.
It is known as flange sealant and comes in a mastic tube. 300ml.
It is also available in black (lucky for me)
Also works extremely well for 'D' rubbers and inlet manifolds onto head.
Barcode is 501266238548
IDH number is 142491 2211088
The above are for black
Not suitable for parts continually immersed in petrol
http://youtube.com/watch?v=mfmKkqLzHLk#