Restoring the Hoe (1990 740SE estate) part 1

[Offgrid]

I've had this car on a SORN for about a year, and I've had a few attempts to start the restoration. It's actually in pretty good condition, but it had a steering problem when I first bought it, and I keep putting off the work involved in restoring it. The last attempt I made blew out the lower heater hose, so I gave up for a few months. I really like the car, so I've decided that it needs an MOT, and a new lease of life before the end of the year.
It's the lower heater hose that has the problem, and I couldn't find one for sale. I've tracked one down at last, but they want £123 plus VAT and delivery for it ( it is brand new). I'm not paying that for a 12" long (approx.) hose with a couple of bends. The alternative is to get one from a breaker if I can find one, or repair the old hose.
The main body looks to be in quite good condition, but the short section where it attaches to the heater has problems. It looks as if it has overheated, as it is soft and bulging slightly. It also has a split about half an inch long. The ends show signs of over tightened jubilee clips. I have two options for repauir. I can cut out the damaged piece, and find a right angled piece of hose for about £3, and I can connect that with a bit of copper pipe, or a plastic hose connector.
As I own the website SaveOldCars.com, and I want to start developing that, it thought I would try another alternative. I'm thinking of buying some JBweld silicon repair paste to fill the split, and to rebuild the damage from the clips. I'll then bind it with some high temperature hose repair tape. I'll use some proper hose clamps to secure the hose.
What do you think of my experiment? If it doesn't work I can always cut out the damaged part and fit the angle piece. Just as a safety precaution, I think I will need to carry something to block the water flow to the heater if the hose does blow again. Will I be OK driving with the heater hose blocked, or should I make a bypass hose?