Which hole was the temp probe in? Usually the first water jacket plug back of the intake on the driver's side cylinder head. You'll see a matching "blind" plug on the passenger side just ahead of the distributor.
The jacket hole typically has an insert pressed in there to provide the tapped hole - it isn't threaded into the block. There are pullers made that will pull it out - but you could just make your own version. Like stick a bolt (threads out) in a short nipple.
Once you have a clean hole - make a new insert......lots of handy work - but you'll get it pretty quick I'd say. nothing as hard as the motor swap....
the T-bird parts houses actually sell the insert - but i can't tell you which one is the right pipe thread - they are different between the 55/56 and the 57 - but one of them is 3/8 pipe I'll bet.
Steve Metzger Tucson, Arizona