My Studebaker Daytona has an engine out of a '85 corvette. It has an oil/water cooler on it. Perhaps this is what is damaged? If so, your options are to replace it, repair it (as mentioned) or remove it and forgo the cooler. While it is helpful under "normal" conditions it is probably not necessary. Regardless, go with out it at your own risk. Who knows it might just be loose itself and leaking??? Anyway, here is a picture so you know what to look for. The cooler is the dark piece between the filter and the block.
Update - Well your picture got there right before I sent my post. OK, I'd J.B. Weld the thing (or something similar) making sure the metal was immaculate before applying (use brake cleaner as a final cleaning agent).