Thanks for the reply. i am also inclined towards this option. i discussed with a mechanic(Not Sure about his expertise) to replace the crank case (NUT PART ONLY) but he was of the view that complete engine has to be stripped and might be there are chances that some other problem may develop while assembling.
I think he was not that expert and was reluctant to strip the complete engine. However the other two options described by you are risky too and will involve alteration which is never advisable and problem may further aggravate.
So, i think stripping of engine by some expert mechanic and replacing the complete part would be a wise option. Your opinion please!!!!