I need some vent work done on a cinder block basement wall which has a stress crack in it - is it safe?

I have a 1961 all brick colonial with cinder block basement that extends under the family room. (There was an extra cost to extend the basement under the family room at the time of construction.) The back room in the basement contains my hot water heater and furnace. I have a 14 year old hot water tank which I was going to replace just because I am afraid it will "leak" soon. When Sears came out to install it (50 gallon) they stated they need to make a larger vent hole in the cinder block wall to accomodate a 4 inch vent instead of the 3 inch vent which we currently have on our hot water tank. This vent hole will have to be enlarged with a "jackhammer" on an outside wall which has a stress crack in the cinder block which runs downward about half the length of the wall. We never get water when it rains throough this crack and when we replaced the furnace 18 years ago the venting for that goes through our chimney right below where the hot water tank venting is. The installer refused to install the tank unless we sign a waiver releasing them from further damage to the wall when they enlarge the vent. Do you think the crack in the wall can handle the stress of a jackhammer without causing the wall to shift and what is the best way to repair this crack - (chinking?) If we repair it will we it strengthen the integrity of the wall to withstand new venting? Thank you for your opinion on this matter.

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