The orange looks like rust. When oil and coolant are mixed it looks like thick coffee with a lot of creamer mixed in. That's why it's called milkshake.
That crack is long. Looks like a repair was attempted with JBW, or similar product. And the repair cracked and came off. Question then is where does the crack end and where do you stop welding? I would look for another head for a 216. There have to be a lot of them out there.
