It would be perfectly fine to run the engine with a large, jagged hole in the block. The engine will run cooler, and you will just have to add oil more often. (every 2.5 seconds) The large race teams often create large holes in their blocks to lighten the engines and promote cooling. If you can find a source, I suggest inserting a small stick of TNT into the hole and igniting it. Please exercise extreme caution and stand behind a blast shield.
Happy to help.