One mans junk is another mans treasure. (:^D
You might want to strip it down to the bare block, spec check all the parts and see where you need to go from there. That will not cost you big bucks and you will learn a lot about your engine that you would never learn any other way. If it is locked up from a shattered governor you will find that behind the front cover. That is what the pins look like they came from to me also. Might only take a governor assembly and a camshaft gear if it didn't get full of water.