I would send it to a machine shop and have it checked out (have them check the deck heaight and bottom end for cracks), I got a great deal on a pair of hemi motors, 1 was running 1 was locked up. I paid $4800 for both motors. happy day.
They both had embeco 883 in them which is most likely what you have, bad news is it is there for ever.
Good news, its not the end of the world.
I built them both, 1 was decked which sucked because it needed a little more work to get together (most old race blocks are cut), but I used aluminum heads that I had machined with little bleed holes in the rear, meziere reverse flow water pumps, water wetter, and oil coolers, in the 68 rr, I piped the oil through the radiator and through an external oil cooler with its own fan since it was a 4 speed car.
I ended up into the motors for around $5000 each, and I was happy. Never had heat problems. Only issues were bleeding them that sucked, and the decked motor was a bitch but nothing that couldn't be dealt with...
good luck, first step run it by a machine shop and have it checked out.
Also I ran a transparent coolant filter (I think champion makes them) and it did need to be cleaned on occasion, but it was easy and it was clear see through so you could periodically give it a peek and see if it was dirty, I would rather clean that stuff out of the filter than the $600 reverse flow water pump or worse. I tend to over do certain things, and we used a big 26" aluminum radiator, electric fans, and that electric water pump, but it worked, now I probably could have just ignored it and put it together like I would a not filled block it may have also worked... Better safe than sorry. I would rather push wrenches than my luck any day of the week.