Managed to get a few hours in on this yesterday. After pouring about a cup of oil in each cylinder and letting it soak for the last couple weeks i decided to go at it with a breaker bar and see if she'd turn so I could i finally determine if there's any hope for the engine. No such luck so I decided to start tearing the top end down so I could get a look inside and start working on figuring out what externals need to replaced or cleaned up.
After tearing the top end off I found a crack in the valley of the block, one cylinder with a pretty big chunk missing out of the combustion chamber in the head near the valves and a few cylinders that had some pitting corrosion..
So doing my shopping for a new engine now, think I've narrowed it down to one on Ebay. Tomorrow I'll start getting into cleaning and refreshing the thermostat housing, the exhaust manifolds/risers, the intake manifold and dropping the carb off for a rebuild.
I've made a pretty substantial shopping list of parts from skidim that I'll be ordering in the next week or so, seems like it's about everything besides an engine
Here's some pics from this weekend: