If you replace the cable make sure you keep it lubed, but you might also try hood pins. I adds to the style of the car and you don't have to worry about the cable any longer and I think they still make them Lockable as well. Just an Idea.

 

What are hood pins? That might be something that I'm interested in.

 

Aww no show with a chop saw opening your Monte's hood? Cool you got her open. Thanks for the tip on how to get the hood opened with a bad cable.

Here are hood pins installed on my Monte.

 

Go to Google search and put in Hood pins and then after it shows up, click on (Images) and you will be able to see all the applications. hit the one you like and then you click visit page, and in some cases will take you to the source for purchase.
Nascar cars use hood pin a lot of Drag race cars also and in a nut shell is a Steel rod that is threaded on one end drill a hole usually in the front frame, then drill the hole in the hood and put all the trim for the holes and your set to go. These came standard on the 1970 -72 Chevelles and many Mustangs. Hope that helps I just check to see if the images showed up and they did. they have many options, clean looks too. The hole in the hood should be larger than the dia. of the pin. Body shops can do this easy or it's a DIY thing, after the pin is installed the tip can be marked with chalk to find the location on the under side of the Hood. Drill a smaller pilot hole first, then you can continue upsizing the bit or use a metal hole bit. Take your time don't want to burn the area from a Hot bit.
Hope that helps if you decide to do that. PS they do make lockable ones to protect your engine compartment's accessories.