Warren:
Just went through this with my 53' Merc flathead....it had 5 cracks to include one from the exhaust valve through the wall of the cylinder. I too am having to "get buy for now" until I can locate a block and build a new engine. I used a product called CarGo Liquid Glass Metallic Seal-Up. I would caution you to remove the hoses from the radiator and buy enough hose to loop the intake (thermostat housing to the water pump). If this stuff gets into your radiator you will be having it rodded out. If you can confirm the leak between he cylinder and the water jacket, once you have installed the product, remove the spark plug from that cylinder, as the compression will push if back and not allow the crack to fill and seal. The other issue is that the product seems to require the temperature of at least 220 degrees to flow into the crack and then seal. It worked for me, but I had no choise with the limited funds and still wanted to go to the cruises and shows. The tempatures are back to normal on both sides for now.....but I will admit that if it is above 90 degrees I make sure I avoid traffic lights and try to stay on the highways...good luck.