Got a bit ahead of myself and bought 2 engines one I posted in the engine section, seems its been really gone through (my ignorance got the best of me and I didn't really realize what I was looking at with the builders tag and what not). Seems after a tear down it might not be the wise way to go.
My next stage is to get the original engine out and tear it down and see how bad it really is. In my novice head a locked up engine from rust was a goner but maybe it could be saved.
Did get some rims sandblasted and tires on it though. Winter and no heat in the barn makes it a hit and miss when I get out there and work on it at the moment but I get pretty motivated most weekends even with the negative temps we have been getting.