You obviously need to stop the leak enough to limit the loss of oil and control the mess, but I just read somewhere that it is not the oil PRESSURE from the pump that is responsible for separating the points of contact between the bearing surfaces. Just provide oil supply, and the oil will take care of it.
I'd like to hear what others say about that, but possibly you can back off on the oil pressure relief valve if you had to.
And as far as putting a screw in the hole, the oil line on my 3GM
30 was I'm guessing about 3/16 OD. Not much to put a screw in.