I 2nd not trashing it. Heck I've brought back chevy v8s where we had to beat the pistons out with a BFH because they were rusted in place. That engine ended up doing 9.16 second 1/4 mile passes.
Looks like the guy pulled the head off it, let it sit for a long time, and just threw it back together with some rings. I bet if you tore it down and cleaned it real good it would be fine.
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