A good machine shop could probably weld that up and re-deck the block, but not cheap and you'd have to tear down the whole motor and just give them the block. At that point, you might as well put the money toward another engine.
Other option would be to tack weld in the hotspot and/or use a hammer and punch to "stake" it in. Might last long enough for you drive it a while before getting a new motor.
61 II 109" Pickup (Restomod, 350 small block, TR4050)
66 IIA 88" Station Wagon (sold)
66 IIA 109" Pickup (Restomod, 5MGE, R380)
67 IIA 109" NADA Wagon (sold)
88, 2.5TD 110 RHD non-hicap pickup
-I used to know everything there was to know about Land Rovers; then I joined the RN Bulletin Board.