That is a great looking drop head & certainly worthy of repairing, as the administrator has indicated a typical solution to the block corrosion is to replace the water jacket, yes new PVT blocks are available!
The water jacket conversion will enable the engine to be acceptably working but it does generally require the main journals to be overhauled as the remainder of the block will distort, in addition the Cats paw engine has a water passage at the front of the block which also corrodes & is not replaced as part of the water jacket replacement.
The water jacket work can be carried out by a competent machine shop using a replacement water jacket casting which can be supplied, also a set of instructions can be supplied describing the work to be carried out, i am sure you have very competent companies near you!
There are people in the UK that can do the work, it will be costly & will mean the shipping of the engine etc.
If you would like further help with the supply of a water jacket casting i can assist, a company called Hawk Cars can supply the casting, but i would suggest the engine is inspected carefully before starting.
The car certainly looks worthy of returning to the road in working condition.
I am one of the people indicated above & make completely new engines for pre & post war AC Weller engines, the cost of these would probably not be justifiable for this particular car even though it looks a very nice car!
Robin