I personally would not mess about with this tensioner bolt - you will always be dreaming of it working itself loose, the tensioner slapping about and the chain jumping a cog.........then you will REALLY have to take the head off (or what is left of it)
Try do it correctly, a helicoil (in the UK they have mobile guys who will do this for you, if you free up space for them to get in there to do it! A helicoil is not rocket science, but boy does it work. I would sooner take off the rad than the head, if you can get away with it.
As you have the cam cover off you will not have to worry about filings in the engine. Split the chain (engine timed correctly), take out the tensioner, stuff the hole with tissue paper and have a hoover at hand! (gives you the perfect opportunity to check the tensioner spring has not broken?.....cause of the chain slap?)