How bad a hole in the head? Just in the outer part, or all the way through? If it's just in the outer water jacket and not through a combustion chamber I'd go back and get it! Should be an aluminum head?? It can be welded easy enough, then ground down to look almost like new. The 2V heads are very hard to find as they were only made for a couple years.
Iron head, the hole was about 3" square, away from the valves. It appeared to only be into the water jacket, but I did not examine it too closely. Maybe someone literally hit it with a hammer.