Thanks for all the comments/suggestions/warnings.
Given that I'm already playing three-car-monte with a 63 Studebaker, 74 164e, and 79 FSJ Wagoneer (at least one works on any given day), sounds like it's best to take a pass on this.
Speaking of red blocks, I've got a professionally rebuilt B30 block with almost no miles on it, and head with only a few thousand, looking for a good home; the motor is in a 75 164e automatic that I bought mainly for parts insurance; whole car is definitely restorable, if someone wants to take it on for a modest price. located in suburban DC.
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