I would attempt to get it freed up and get it running. I have heard of people freeing up stuck engines and driving them for years without problems or excessive oil usage. If you can get it running why not....if you have to tear it down so be it, but you may avoid it for a bit.
Make sure you pull off valve cover and tap valves to make sure they are not stuck though first.
1946 Chevy OS 1.5ton, 1955 GMC 3100, along with other various IH,Ford,Nash,MGB,.....
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