I am going to check it in the morning but I kinda doubt that is the issue cause it is at the mating surface of the timing cover and block not around the bolts. It's coming from around the 1inch coolant holes that are inside the cover if that makes sense. But I will check. I remember putting sealant on the threads though.

Did the sealant on the bolts fix it?
Or did you have to remove the t-cover?

The oil won't be that high unless you way overfilled it, and unless you have coolant in the pan, just plug that area between the block and pan with towels and clean  things up.

Is it necessary to drain all the oil
Or can I leave it in or maybe just drain it down pass that part of the oil pan so I can clean the mating surfaces good?

pull the front cover and do it corectly,you could make a gasket if you cant find  one.next leak could be into timeing chain

Did you put thread sealant on the bolt threads? The bolts go through the water pump and/or timing cover and into the block right through to the water jacket.
Before pulliing the timing cover, I would drain the coolant and pull one bolt at a time, clean it, blow out the bolt hole with compressed air to dry it as much as possible and then put the each bolt back in with a non-hardening thread sealant on the threads.

No.

I just got my 292 dropped in my f100 and was filling it with coolant when I saw that it was leaking from the 2 indented sides on the timing cover. I just used silicone adhesive as a gasket. Is there any way of fixing that leak without draining the oil and coolant and completely taking the timing cover off and putting a new gasket on?