Hi Luke,
Welcome aboard ! Good question. Really depends on the state of the inside of the engine. When these engines get old, they can have a lot of buildup in the water jackets. which really needs to be removed, for best thermal efficiency in removing heat. However, because the K series engines have a cast iron block & an aluminium head, they can suffer from electrolysis between dissimilar metals, so coolant leaks are not uncommon, to both the inside & outside of the engine. As well as that, as the aluminium gets old, it changes its composition, & breaks down, & corrodes more easily.
A good automotive coolant, will help prevent this, but is not much good on an engine that already has got lots of crud & corrosion inside the water jackets.
You could put a good cooling system flushing additive to the water, run it as per the instructions, then remove top & bottom hoses & thermostat, and wash all the loosened crud out of the engine. However, I've seen the results of this previously, with Welsh plugs all of a sudden becoming very thin & leaking, as all the crud on the back of them is really sealing as well.
I recently stripped a 5K engine, I acquired, and in the strip down process removed all the Welsh plugs. On two of them, a light tap on the centre with a screwdriver, resulted in the screwdriver going right through. That's how thin they were.
When old engines are reconditioned professionally, they usually have all Welsh plugs removed, & the whole block acid washed, then new "brass" Welsh plugs fitted, instead of the original pressed steel ones.
The K series engines also have poor coolant circulation, at the rear of engine around no: 4 cylinder. This is primarily about the design of the engine, as coolant enters & leaves from the front of the engine. With less flow at the rear, crud builds up, and the results are not good in the long run.
If a piston or rings are going to give you issues, it will quite often be number 4 cylinder. I've had a 3K & a 5K over the years, both have issues with no: 4 piston & rings.
So it's up to you, & sometimes it is better to "let sleeping dogs lie", unless you want to take the risk of having to take the engine out and change welsh plugs, or maybe a head gasket.
Others on here may have other suggestions, but mine would be to . . . .
Remove top & bottom radiator hoses & flush the engine out with a hose, without adding a flushing agent before hand.
Replace the thermostat & radiator cap.
Refit hoses, if they are in good condition.
Add a good automotive coolant.
These actions will probably help, but are unlikely to result in any unwanted immediate leaks !
Cheers Banjo