I have had some experience repairing cracked blocks on two engines and cracked heads on one 312 Y block. The cracked blocks were in the external portion of the block between the soft plugs. I used K&W block sealer, following the directions on the can, excellent results, drove the engines for years until I sold the vehicles.
The cracked 312 heads had hair-line cracks radiating away from the bolt holes a quarter to one half inch. Following the advise of an excellent mechanic friend of mine i used Chevrolet thick head bolt washers under the Ford head bolts on all of the head bolts, with cracks or without.
The engine ran for years with no problems in my '59 Ford F100. I used 50/50 coolant an a 7lb cap on the radiator. I also have a habit of adding ALUMASEAL into the radiators of my older vehicles.
Sometimes the 'snake-oil' fixes work, sometimes they don't, follow the directions on the can and hope for the best.