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Drilling and tapping the housing is probably the best long term solution - unless this is a one time event. Regardless, you shouldn't need to remove the rear cover to drain the housing - just unbolt it and pull it out far enough to drain the fluid. If you're planning on replacing the gasket, however, that will be a bit more challenging without removing the cover completely.
On a related note - gasket or RTV sealant?
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Brian
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