pjberg,
There are many opinions on your question. Just do a search and you will see. Personally, I went the way of loc-n-stitch. No matter what route you take, make sure you correct the problem that caused the crack in the first place. Probably mud laying in the bottom of the water jacket and preventing antifreeze from protecting that area. Look at my repair in my photobucket. I am very satisfied with the results.
Good luck!
Jim