"Run (as fast as you can !
"Run (as fast as you can !)
I know looks can be deceiving, but with that much rust, open to the sky, and being in salt water, I'd say run and run fast.
I have seen oiled up and spinning 283 and 327F motors with transmissions for sale and that's probably the best setup. I prefer the 327F because you avoid all of the idiosyncracies of the Q series small blocks, which have different cylinder numbering, different firing order and different (EXPEN$IVE) intake manifolds. The F series uses a regular automotive intake manifold, but the Q series will cost you a LOT more, some people are paying $400.
In any case, I think you would be well served and money ahead, getting a motor that is already spinning and complete. Chances are, a little TLC and possibly a hone job and re-ringing, add bearings and you would be able to get more serivce out of it.
Anyway, that's my two and a half cents worth of info today, worth every penny you paid for it. The motors in the photo would have to go directly to the machine $hop, and being in salt, the internal cylinders may not be good enough to spend any money on. Probably still salt in there.
Start looking at ebay for a RH 327F and Paragon HF7D setup taken out of a boat being parted out, whatever. Most of the motors coming out of Michigan, by the way, have cracked exhaust manifolds due to freezing. It will drop in and it will also be pretty much original. The 327F is a simple and beautiful setup.
Regards, good luck,
Paul"