[djmtsu]

I wouldn't pay more than $150....and that is with faith. If it isn't run soon, everything will begin to corrode very quickly internally.

Here is what I would do...

Strip it to the block
Drain all the oil
Flush all the coolant with chemical cleaner
Put some oil in the housings and turn it many, many times, repeatedly
Use WD40 liberally all over the engine, and even in the housings. (WD40 is a water displacer, that is what the WD stands for)

Put it together with new gaskets, and use 20w50 oil.

Fire it up. Let it run for a little while, then drain the oil and change the filter again.

Might work out.