Thanks for the reply Jerry. I guess the photo doesn't show it clearly enough, there is virtually no babbitt material left, just the underlying shell. The crank doesn't look to bad, a scorch mark where the center bearing is. I would have to assume that the crankshaft is bent though, right? If all the babbitt is worn from the center, but plenty left on the back (verified) and the front (assumed), wouldn't that mean the crankshaft itself is "bad"?
In the meantime, we have the original engine which my Dad pulled in 2008. That engine needed rings (we put those in shortly after finding out the "good running" replacement engine wasn't) and a new head. It's been sitting in the corner since I got discouraged and stopped working on it. I think we are going to make a stand for that engine, swap heads and see if it runs....