Just bought a 1972 Longhorn

[72longhornTX]

Well I have been reading here for a few days and just got accepted to the forum. Now I would like to post my great find and get some advice.

I found a 1972 Longhorn for sale for $700. Went and saw it and it didnt look to bad. There is rust on the rocker panels and floor board and of corse the wood bed is totally rotten. There is a few other rust spots but not much. The engine is a 350 and to odometer reads 46000 so im guessing its 146000. The right side head is taken off and the left side valve cover is off. In all it doesnt look horrible.

My main question is should i rebuild the engine or look into getting a 350 crate engine for the truck?

Here are some pictures but i am getting more soon.