The material of the vessel, if it is built to ASME Section VIII, Div 1, is most probably ASME SA-455, "Specification for Pressure Vessel Plates, Carbon Steel, High-Strength Manganese". The maximum plate thickness furnished under this specification is 3/4". If the original vessel head material was corroded from moisture and oil, etc that settled out in the bottom of the vessel, this repair is feasible - replace the corroded section and install a flush patch plate that is full penetration welded to the original shell material, or depending on the size of the head, manufacture a replacement head and re-weld to the vessel.
Regarding the pressure vessel repair. First off, if this is a pressure vessel that is regulated by the Jurisdiction where it is installed, the repair should be performed in accordance with the National Board Inspection Code (NBIC), and by an organization that has a valid National Board R- certificate to Repair/Alter Pressure Retaining items.
The plate material for the repair should be similar in chemical composition and either meet or exceed the strength properties of the original material used for the vessel. In this case, you should evaluate the allowable stresses for the original material and compare with the allowable stress of the material used for the repair (SA-516 Gr 70) at the maximum design service temperature (which you did not provide).
If the allowable stresses are comparable, you are permitted to use the SA-516 Grade 70. Nondestructive testing (NDT) requirements for this repair shall be performed in accordance with the NDT requirements in the original code of construction (ASME Section VIII< Div 1).