Depends on what it looks like. If its all together and greasy and turns over, then check the oil and try to start it with fresh gas from a jug. If its dry and rusty, a rebuild will be in order. Up grading to a 235 will be a good move and should not be to difficult. The older engine will be expensive to rebuild, even more so then the 235 since it has babbit bearings. You can build a quality small block for what a six is going to cost! Even if it runs, you are going to have to pull the pan off and clean out the crud, since it has no filter, all the years of dirt is going to be in the pan.
Joe