Far better, and the dodge I used when I had the GM20 with its failure-prone raw water pump was to carry a spare waterpump. Very little difference in price to a Speed Seal and took about 90 seconds to change.
Challenge you to do that on a 1GM! Totally different design with pump bolted through the aluminium front housing by 3 steel setscrews which are even more inaccessible than the front cover screws the OP is having difficulty with! Almost impossible to remove without taking the crankshaft pulley off. That is why the Speedseal at £40 is considered such a good buy for this application. (not sure you would buy a new pump for that money either, more like 3 times)
We have a Speed Seal and I'm not particularly impressed. The cover's held on by the four knurled-head screws, and the first problem is that I can never undo them with fingers alone, so it needs a tool in any case.
Secondly you are supposed to be able to remove two, then just loosen the other two and slide the cover off. On our engine there's something in the way, so the cover can't be slid in that direction, so all four need to come out. At least one is bound to get dropped during all this.
The only real advantage is to use an O-ring instead of a gasket, so it can be removed and resealed without needing a new gasket.
Studs and wing-nuts would be my choice if I were reworking it, and keep a couple of spare wing nuts.
Well its brilliant on a 1GM where as the OP so graphically describes, the top screw is almot impossible to get in and out - even if you don't damage the soft head. The slot is used for the top one so you don't have to remove the screw and the two you do need to take out are easy.
I also have one on a Volvo 2030 because they normally have 6 tiny set screws to lose.
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My vote goes to the Speedseal, great bit of gear and so so easy to change the impellor.
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If I didn't have a Speedseal, I'd have a spare 11mm(?) ratchet spanner clipped to the side of the bilge.
Hmm, I wonder if I can tape a spare plug spanner inside the cowling of the outboard?
Inspired, of course, by Moitessier's metal plates and pop-rivets/drill-bits (in oil-filled jar) carried inside the keel, 'cos that way they would be handy if he ever needed them.