JB Weld ain't gonna do sh*t! In fact, you'll run the risk of it blocking the oil passage or chipping and causing you grief later. Either pull the head and fix it right of leave the thing as it is.

Now that I think of it there is a solution you might try with the head on the block.

First block the oil passage (use an appropriately sized piece of o-ring ???)
Put rags around everywhere else to catch debris.
Buy an item call a "Keensert". Drill and tap the stripped hole and install the keensert.

Unlike helicoils, keenserts require no "special" tools.

Once you've cleaned up the drilling and tapping debris, use the engines oil pressure to blow the o-ring piece up out of the passage.