Since you asked for the "easiest" way to fix this problem - not necessarily the "best" way - I recommend you remove the timing gear (if you haven't already done so), first lining up the index mark and indent on the crankshaft and camshaft gears for more accurate reassembly. Then using carburetor spray cleaner, clean out the hole where the dowel pin came from, as well as a new dowel pin if you have one. Allow to dry and then use compressed air to further clean the dowel hole. Then take the green sleeve locker adhesive and put a few drops on the dowel pin where it goes into the camshaft. It will be a loose fit since the hole is wallowed out, but don't worry about that at the moment. The sleeve locker takes quite a while to set up, so you have some time to re-install the fiber timing gear over the camshaft's threaded snout and align the gear's two holes over the dowel pins. Because the dowel pins are staggered in their placement, you can't put the timing gear on 180 degrees off. It will only go back on one way. The camshaft's snout will center the timing gear and the pins will seat it properly. You may have to wiggle the timing gear a little to get the new dowel pin to enter its respective hole in the timing gear. But once it's in the hole, the sleeve locker will keep the pin centered. Then tighten the camshaft gear lock nut. Allow the sleeve locker to cure in the open air for at least 24 hours.
This should work unless the hole is so wallowed out that the new dowel pin doesn't touch any of the hole's metal for the sleeve locker to bond against. If this doesn't work for some reason, you are only out a couple dollars for the sleeve locker and some time. The green sleeve locker is tough stuff and once cured requires heat to break the bond. Racing guys use it to repair broken valve rocker stands. I have used it to seat a loose hardened valve seat and it held for years afterwards. Of course, the best way to fix your problem is to remove the camshaft and drill out the hole for a stepped oversized dowel pin, which will probably have to be specially made on a lathe.
Marshall