Okay, BEFORE you throw out your engine block on the advice of most likely a NON Oldsmobile specialist, you need to take pictures of the "crack" and then call Mondello out in California. Your block may not be cracked, at least not like you think it is.
Apparently it is very common for the number one cam bearing to take a beating and actually beat out that hole where the front cam bearing goes. Mondello sells a press in repair part to make the hole back to stock, then you can put your normal cam bearings back in. I think I read they make the new spacers in three or four different thickness. Most likely it will just be having a competent machine shop bore out the front cam hole and press in the new spacer.
Calling them won't hurt, and you can probably email them the pictures of your block for them to tell you if it will work or not.
Good luck!