1947 Chevy Truck, Engine Needs Help, Advice?

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Hey everyone,

I purchased this truck for just under $10k, which I thought was a decent deal until I got an oil change and was informed about multiple oil leaks. The lead mechanic recommended I have the engine (350 Chevy) pulled and resealed. After heading to the shop he recommended, the man in charge seemed very calm and approachable about rebuilding the engine, but the cost he is estimating is ranging from $1500-3500, depending on what comes up.

I must admit pretty heavy ignorance when it comes to understanding what is essential to keep me on the road safely, and what is more of a luxury at this point.

If anyone has been in this position, or has experience on rebuilding engines, please offer any advice or guidance. I'll provide any additional info. or pictures if you need them. When daylight comes again, I'll post pictures of the engine.

Thanks!

(*no idea how to correct image orientation, sorry!*)