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One minor note tiger loops are all most universal in europe on oil burners for a few reason being those europeans ar a bit brighter . Ends any issue of return line leaks ,prevents constant filtering of fuel your not burning and prevents circulation of fuel that is not being burned form picking up temperature and forming condensate in above ground fuel tanks . Not to mention that it reduces any chance of vacuum being pulled which can greatly effect any flame retention oil burner .Burners operating at high pump pressure are effected when the burner starts to pull vacuum. Personally over the years ever oil burner i ve installed that had a 2 pipe system was converted to a single pipe and a tiger loop was installed plain and simple especially any in ground and or above ground outdoor tank. Its a win for all involved . A 2 pipe oil system w a inground tanks is a issue waiting to occur$ and one thing you will not see in the father land for sure . also forget about the vacuum gauge they come w they usually leak and suck air .

peace and good luck ,

My brother is retired now but he lives in Richboro PA in Bucks County.  This is the company he built F T YOUNG Associates 24/7 Emergency Service Available Call 215.357.4300. Not sure if the new owner goes to your location but it would not hurt to ask.

I think there is a contributor in your area that goes by @STEVEusaPA . I don't know for sure if he is even still working but he knows his stuff. 

In Schuylkill County Pa I can’t believe that Electric Heat is less expensive that oil heat.  And if the boiler can hold water to make hot water, you can certainly heat your home with it after the bad radiator is removed, repaired, or replaced.

I live close to you, there are some good plumbers in the area i can recommend to you. I just scrapped a 1975 efm a lot like that because the base was bad. If you only use it for hot water I would suggest putting in a hot water heater instead of putting money toward the repair of a system you're using for it's secondary function anyway.

Yes, in fact that's the best way to do it because at some point someone will probably want to put another radiator back there. New cast-iron radiators are expensive, but used ones are generally available.

you need a plumber with basic competence, some are just sink installers that don't know how to work with black pipe but any good plumber will know how to do it.

It wouldn't take much work to disconnect and cap those pipes on either end of the radiator. Any competent plumber could do it.

hot water boilers only need a low water cutout in most jurisdictions if there are emitters below the boiler. in theory the aquastat should shut it down at whatever setpoint it is set to but if the block is dry or only partially filled the aquastat may not see the highest temps in the boiler. it is not the best of ideas to be running it without the ability of the system to hold pressure.