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If you've got coolant leaking out at a headbolt, then unfortunately it's leaking past your headgasket to get into the bolt hole. Were the headgaskets ever replaced on your truck? If not, there was a recall several years ago (assuming you have the 3.0L).
Some people have had success in getting Toyota to replace the H.G. even this late in the game if they hadn't been done already. If they've been done once under the recall, you're on your own for the repair, though. It's quite a lengthy job to replace the headgaskets.
The water outlet is an easy fix. It's where the top rad hose connects to the top front of the engine. You just use FIPG (form in place gasket... just in case you don't already know that), to seal that. You'll have to drain the rad (at least down below the level of the water outlet), remove the water outlet, clean both sealing surfaces well, apply new FIPG, then re-assemble it.
I like to use "The Right Stuff" gasket maker by permatex. It's compatible with all the fluids on your vehicle, and you can re-fill your system almost immediately after you re-assemble the components (I usually wait 15 minutes or so just to be sure.)
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2002 4Runner, Auto-A340F, 3.4L, 4.30 Gears
TJM T15 Front Bumper & Warn M8000, 4xInnovation sliders, Sonoran Steel 1.2 Lift, Toytec LCA Skids, Tundra Brake Upgrade (231mm), Extended rear diff breather, Deckplate Mod, Andymod, Dual batt setup with Optima blue top aux battery, Hardwired 1000W inverter, Aux fuse box, Full time power to 12V plugs, Yaesu FT7800R Radio, "4-air" system for airing up/down tires.
2004 Camry LE - stock (and will stay that way)
1993 4Runner has been sold
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