The coolant tank on my 63' has a pinhead sized hole that sprays water right into the fan.. and onto the distributor. I've tried a radiator patch kit to no avail, and everyone is telling me it can't be welded. Is there any low budget way to stop it?

I used a product called "J-B WELD'" to repair my tank and it worked very well. No more leak.
Just make sure to clean the area with emery cloth down to the bare metal. Mix the 2 parts together and cover the hole and the surrounding area and you should be OK. I've also had a tank repaired at a radiator shop and that worked too.