Bought a frame with a water-logged 350

[IGOR]

So I picked up a '72 Blazer frame this weekend, complete with SM465 & NP205 t-case. I mostly bought it for T-case - and my buddy needs a new frame for his Blazer.

It also has a 350 with ram horn manifolds, Edelbrock intake, decent looking plug wires, etc...

This engine has sat out in the weather for indeterminate time with no carb and no cover over intake holes - also distributor was not in it (i.e. direct path into intake runners & down into oil pan for rain water)

Setup is from Southern Oregon coast - and with openings and amount of rain it is safe to assume water is throughout engine.

I don't really need a 350 right now - but will probably hang onto it as a rebuilder.

What would you guys do with it? Tear it down for storage to prevent further problems/learn what I got - or leave as is? or?

Any advice? Can I just dump Marvel Mystery Oil in and fire it up?