If you have intentions of using this block for yourself for a street car i don't feel you would have any major problems doing so, that being said the only thing's that I would do would be add a good oil cooler (as mentioned before) and you may look into a reverse cooling system (indy makes a plate for that) that flow's the cooled water back thru the head's first and that to me would be where the greatest amount of heat will be is in the upper part of the block, if this block is as good of condition as you say I don't personally think I would risk the physical damage of trying to remove it, to me the worse thing would be the added weight on the front of the car.Just my opinion