with the pan off can you get the engine to turn over at all? or is it locked up tight? you'd be amazed just how durable these engines can be,even with a little water corrosion inside.Clean the pan and oil pump,reasssemble and oil it up with some of the lightest oil you can find and turn it over..if you cana get it to run then OK take it easy with it and let it run awhile..then drain the oil and repeat..it might just flush out what ails it..that cam lobe thats a bit corroded just might flake off and clean up as well..I guess it depends on what you want this to be..if its a linered engine it just might be a weekend rebuild,not too hard to do, you have the shop..not like me that has to schedule things around the weather.
