Depends on the year, the model, and the rest of the condition of the Paramount.

The other question I would have is, "What cracks a headtube?" My only guess would be a front end collision, which if it did this there might be other issues with the frame which you can't see. But I'm no expert on this sort of thing. Only a frame builder could determine if this is worth your effort.

Have you found the serial number? In the early '80s it was located on the left rear dropout and consisted of a Letter which equalled the month, followed by two digits for the year, followed by the number of the frame built that month. Thus; E83016 = May 1983, the 16th frame. By the mid '80s the serial number moved to the BB shell, was considerably longer, told a great deal more information, and I'm no good at deciphering them.

Even if you decide to not attempt a fix, don't throw the frame away until a C&Ver local to you has a chance to take it off your hands. Sounds like you got the bike at a bargain for the parts. I'm certain someone would be willing to help offset the cost.

Welcome to C&V!