I took the liberty of rolling the pic. So Im glad to see you have the correct pan; a slight camera angle can make the world of difference. I hafta start out by telling you that I was raised on Model T's and still have difficulty on another forum with people that have all the answers, yet the questions aren't yet all in... Hmmm . Over here, its more T friendly and not so cliquish.
Drilling and stitching is a well accepted form of repair; but what remains to be seen is what caused it. Overheating? Freezing? How thin is the iron? and most of all, is that the original motor for the car. If the material is still there the stitch will work, but if its really thin there wont be much to work with. Most of the repair depends on YOU.
Semper Paradus pal! Pull the motor and repair it or a little dremel work and some JB weld?? Theres little strain and no pressure on the system and JB seems to work well. Me?? I used 2 raw eggs in my radiator and it held water for 3 years. The new owner replaced it just recently.
Personally, unless youre prepared for a full blown restoration, I'd patch it. Get the car roadworthy again, and drive it for a while to see if you even like the Ts. Once you pull the motor for some work it turns into "shoulda fixed this and shoulda fixed that" and before you know, all the fun is over.
I think you've got a fairly complete barn find that needs wheels looked at, new tires maybe, and look inside the differential for the dreaded babbit thrust washers. In the last decade, they've begun to fail which means NO BRAKES.
Listen to Steve Jelf and Royce as they are more familiar with the older cars. I am well versed on the "improved" models of 1926 and 27... still Ts but almost Model A's! Get her going and have some fun and mind what these guys tell you! T's are like an antique Briggs and Stratton lawn mower versus a new Yardman. Same thing but way different... Im off to recurve the distributor on my antique Buick... 1972 455/ 500 hp GSX... bill
https://www.youtube.com/watch?v=n8fZ1JHLZAU