New member just picked up a 67'

[runrunner]

New here, but not new to the game. I've been a member on Chevelle Tech for years. Chevelle is almost done. Always wanted a C10 and fate brought me to this turd the other day. Its a 67' LWB, SBW. Its rough but mostly complete. 250, manual that was converted to floor shift. Probably paid to much ($1k)

Not sure what to do with it. I've always wanted to do air ride...

Here is my dilemma. The guy I got it from bought it at an auction a year ago. He never ran it and the tags expired in 05' so its probably been sitting for a long time. I drained the oil today and it was water at first and then sludgy oil like tar. Dumped in some extra oil, trans fluid and diesel while it was draining to try and flush it out. Put in a battery and it will crank but no start. Coil was out of spec so I put in a new one and no go. The spark is so weak. Pulled the cap and the points, cap and rotor all look new. Cleaned the plugs and nothing.

Is it worth spending any more time on this engine? With that much water the bearings are likely toast. I know nothing about 250's. Usually run small blocks.

Thoughts?

Id post some pics but since I am new its not gonna happen.