New engine or new friend?

[GeorgeLeonard]

While checking out my newly acquired 53 3100, I noticed that I was unable to turn the engine over by hand. So I removed all the spark plugs and squirted liberal amounts of Marvel Mystery Oil into the cylinders. Using a pry bar on the flywheel loosened things up considerably. I then hooked up the starter and let the engine fly without the spark plugs. My friend asked me if all the Marvel Mystery Oil came spitting out the the spark plug holes when I spun it over. I had to honestly answer no, it didnt. He took that as a bad sign and reasoned that all the rings must be stuck and consequently the motor will have no compression. He advised me to stop right there and look for a replacement motor. What do you guys think? Replacement motor or replacement friend? Im not inclined to giving up on it just yet. Id like to get it started and go from there. Of course it goes without saying that I also dont like throwing good money after bad. What to do?

One interesting feature on this motor is a finned aluminum Offenhauser valve cover! Makes me really wonder what else might have been done to this engine- probably nothing but it doesnt hurt to dream. Ive already ordered a stock valve cover since an item like that will be just too pretty to keep on this truck- not in keeping with the overall theme. I imagine that once polished up it will be a real crowd pleaser which is not my style. I just want a nice drive around pickup, the stocker the better.