John
Here is some advice on welding blocks to address cracks. i will say that you should consider a new block. They are not too expensive, and with a low port head you will be spot on for the basic correct engine, but with the benefit of camshaft bearings. Here is the advice from an English mate:
Cast iron is what blocks are made from, it's very brittle and very difficult to repair because if you try to weld it, cracks will radiate from the weld. Almost always, the only safe course of action is to buy another, but if it's irreplaceable there are experts who can repair, but at a price, and they use two methods.
1. Cold stitching. This is a process of drilling and tapping along the line of the crack and screwing studs into it and also drilling at right angles as, every 1/4' pr so and pressing in a steel tie that pulls the crack edges together. It's highly skilled and used to save marine engines more than anything, because they won't usually come out of the ship they were built into. It's very strong and effective, but expensive and needs a highly skilled person to do it. Sometimes they even stitch in new metal.
2. Welding. This is a difficult and very risky operation because localised heat will cause distortion and may start off a chain of cracks. Therefore it is normal practice to put the whole block into a furnace and raise it to a dull cherry red over 24 hours or so and then gas weld the cracks. Once the repair has been made, cooling has to be carefully controlled and make take a day or two. Usually, if this is successful, some distortion will have occurred and line boring of the mains and camshaft bearings and surface grinding the top of the block will be necessary.
Warnings. Old blocks tend to fatigue, so if cracked in one place, may be about to go in others. At the time the TR engine was designed, blocks weren't rigid and if run at high revs for any time, the main bearing caps would move around on the joint face and sump bolts would loosen, so lots of stress. In the case of this one, old age and very large studs with 100 Lbs ft of tension on them, have caused the metal to give way, so it's probably scrap.