I'm struggling to think how I'd go about fixing it, but both sides of the metal are relatively low pressure areas, the water jacket, less than 15 psi, the exhaust only has pressure due to resistance. I'd take a chance and vee it out and cold weld it. I'd then use some leak stopper in the water jacket. I must admit I'd only try and repair that one if I had absolutely no other choice. I would also say I'd not throw a lot of money at it too.
I'd think about brazing it, but the pre heat would be really difficult.
Mart.