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If you're asking if the head bolts go into the water jacket, no. No RTV is required. You SHOULD be sure they are clean and lubricated with engine oil before torquing.
Any Olds V8 uses the same key. If you don't want to pull the balancer off a wrecking yard 307, places like Grainger, McMaster Carr, and MSC sell hardened key stock by the foot (for cheap).