Not Starting, not flooded (maybe)

[RotaryBC]

It starts and runs
Saturday I did the de-flooding procedures, it started and smoked, I keep it running until the smoke subsided.
Drove it a short distance on the road, shut it off, restarted it, shut it off for the day.
Sunday, I tried to start it, it would not start, started the de-flooding procedure again, forgot to press the gas petal before turning the key, it starter right up.

Could this mean the engine is a good rebuild candidate?

I've read the rebuilders web sites, they read, that most engines are too damaged to be rebuilt.