B block hole repair

[31steve]

I have a 31 roadster with a B block and transmission. I have had it for about five years and driven the car during the restoration. Since finishing the restoration I drive it frequently with no problems. Today My brother and I took it out and after five miles of driving we thought we had blown a head gasket as steam was coming out of exhaust and antifreeze was pouting from carb. Towed it home and pulled the head only to find a good head gasket but a hole in the block deck on number 3 between exhaust and intake valve. Looks like it had been repaired some how and it failed. The engines is a fairly fresh rebuild, .40 over with new valves and seats and ran good. Please look at pics and see if this is repairable. Looks like you could tap the hole and plug it but don't know if it would last? comments please.