A cracked water jacket on a 216 or a 235 is not the end of the world. Usually they just seep a bit. Bars leak in the radiator usually stops the leak completely for a year or two. When it starts leaking again after 2 years, its time to flush the system anyway, so do that and add another dose of Bars Leak. Would I rebuild one which was cracked? No. Would I try to get every last quality mile out of one of these gems? Absolutely.
Carl