Well, I have had my 1961 T120R since 1970. It had the same cracks from the valve seat out to the bolt holes that yours has. It ran when I bought it, but blew oil out the the cylinder base gasket, so I had to pull the top end and that's how I found the cracks.
I was lucky enough to live in Mass. at the time, and I met Don Hutchinson. He knows his Triumphs, and still rides a '62 with a reversed head (a cool trick you can do to a preunit). Anyway, his advice was to replace the casting, which I did. I have not had any more problems with cracks since putting this head on back in 1972. I think you need to take care when torquing it down to go up in stages, and to re-torque after a few heat cycles.
I have seen repaired cracked heads, and I even know a very precise welder who can make the repair, but I still would go with a new head casting.
If the seats are worn out, there's another good reason to replace it. I don't think you should have to pay more than $150.00 for a new casting w/ seats, but I might be low on that. We can find out easy enough. I see used heads on EBay for less than that pretty regularly, but how can you tell if they are cracked or not? I'd get a new one and transplant your valves, springs, retainers, keepers. Replace the valve guides. Lap in the valves, and away you go.
By the way - I'm also in Ohio - Lancaster. Shoot me an email at
papereng@sbcglobal.net.
[ This message was edited by: papereng on 2005-01-06 09:00 ]