Its super easy to change, it may have taken all of 15 minutes to do. It's right on the top of the motor just to the right side of the top mount. The pump was 360, plus 355 core charge up front.
The bolt restricts oil flow to the turbo. Normally the turbo is over oiled and there isn't enough negative crank case pressure to bleed it off so it pushes past the turbo seals and burns in the exhaust. I wouldn't worry about it until it starts to happen, because a few people get away without having the problem. But 90% of people do have it happen.