If you want to maintain a semblance of originality, the most important thing is the condition of intake/exhaust manifolds for the updraft carburetor. The exhaust manifold tends to crack. Less important is a free heat riser flap in the exhaust manifold. Reproduction bi-metallic springs can be found at the usual vendors. These manifolds will fit an original splash oiler 235, as well as the later full pressure 235s. Whether you use your original engine or a replacement 235 you will need a functioning carb.
To answer your question, I would continue to see whether you can salvage this engine, all the while looking for a replacement. Good luck,
Kent
Last edited by Lightholder's Dad; 01/24/2025 7:09 PM.