It doesn't sound like a head gasket, but it is possible. I think it is more likely to be a cracked head or block, as you suspect. But even if it is a cracked block, all is not lost. My 1950 248 block had a long crack on the side of the block a couple of inches below the deck on the driver's side. My dad was a welder, and he had me wire-brush the whole area, then drill a small hole at either end of the crack to prevent it from 'running'. Then he used an arc welder to fix it. He used (I believe, from the color) a brass-type rod, and started an inch from the end and welded back to the drilled hole, then skipped an inch and welded back to the first weld. He called it "step-welding", and it worked great.
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