Thanks everyone for your comments. My concern is about the bolt hole. This is my first time to breakdown a flathead chasing a pesky gas leak into the cooling system. I can see that the original V8 design is such that some of the head bolts and holes are exposed to the cooling water in both the head and block. On inspection the bolts are rusted and pitted, but they can either be cleaned up or replaced. My original question (perhaps not well worded) is about the threaded portion of the hole in the block. I will clean the threads and squirt some lubricant on them. I am asking about a more long-term prevention to further deterioration of the threads and bolt hole. Is there anything that penetrates the metal to prevent this without softening the threads?
Perhaps I am over thinking this. My dad & I restored this 49 F1. I'm getting old and I plan to pass on to others in the family, so I am thinking long term.
Thanks again.