Thanks for all the responses.
I guess I should clarify a few things:
This is the original engine to the truck, so it's whatever flavor of 216 a 47 3100 would have.
The engine turned over with a little effort once the head came off. Am considering pulling the pistons for inspection but the rust in the bores is very very light -more of a discoloration than anything. It can be seen in the picture of the bores.
Re the valves/seats: I think it was done because it was the 'right' thing to do.
