When is an engine too far gone?

[mikedag]

Hey guys,

I have been looking for period correct motor for my 67 that currently has a 78 350 in it. I found a local lead for a 1964 283 I can have for free. The thing is that it has been sitting in the grass for 20+ years uncovered. It is clearly seized, and the rust has gone through the oil pan. I am expecting a complete rebuild with all new components and needing to have it machined. I know you can buy a crate motor cheaper that it would cost to rebuild but I am trying to get the 283 and 3 ott back in the truck.

This would be my first rebuild and I believe a good learning experience. I am not expecting to make a hot rod, just a reliable DD.

What do you guys thinks.....to far gone?