First of all it's necessary to understand which bug your are dealing with.
Generally speaking if the pitch flow comes near branch whorls, you have Zimmerman Pine moth (good call), if the pitch comes from the trunk you have one of the several species of Pine bark beetle. Again generally speaking, the origin of pitch flows can help you identify the species of beetle you have.
With Pine bark beetle, the first thing to be done is to find out if there are active larvas and beetles by looking for boring dust. If it's not present, it means the pitch has managed to drown the beetles and done its job. The tree is weakened but has a shot at survival: an arborist with experience in pines (not just a guy who prunes cedars) may advise you on the steps to take.
If the tree is high values, it may be worth to remove the bark aroud the pitch source to check for galleries: if they are already extended there's nothing that can be done and the tree needs to be cut as soon as possible. Otherwise an arborist can be consulted to see if it's economically feasible to try saving the tree.
As said, if larvae are active only high value trees are worth saving: it just makes more economic sense to remove and replace smaller ones.