Engine Cracked block at freeze plug - is this serious?!

See pictures. this is a 1990 5.0 block, which has a crack about 3.5“ in length as seen in the pictures by the freeze plug. I ground some of the area off to get a closer look at the crack. I removed the freeze plug and it appears the crack is through the block. I also attached one picture of the freeze plugs on the other side of the block, and looks like one freeze plug was repaired in the past, and none of the plugs appear to be original.

The fourth attached picture is of the water pump bolt that is split out and was leaking. I don’t know much about the engine history, but it was running when I removed from the car and the oil in the engine that was drained appeared to be in good shape. Am I correct that this crack is a serious problem? is there a way to safely repair the freeze plug location crack and continue to use the engine? Should I scrap this block and find another one?

My plan is (or was) to put a little more aggressive cam and some aluminum heads on it For a mild street build. Thanks For thoughts.
 

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My plan is (or was) to put a little more aggressive cam and some aluminum heads on it For a mild street build. Thanks For thoughts.
Not on this block....
Based on your description it sounds like it froze and the previous owner tried to make it work to sell to someone else......
 
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You could try a few things ( JB Weld) if this was a running engine in a car to keep it going for a short while... As it sits to put 2 cents into it to reassemble it is a waste of money...
 
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