I bought it that way. The guy told me it ran fine but had not been used in years. He put fresh antifreeze in it, just before I got it. A few days later, it was all in engine oil. So maybe the guy didn't know, and maybe he was a liar?
I bought it cheap, so it's no big issue. I was expecting to find major problems inside the engine, but most was fine. No cracks anywhere. Leak was just the sleeve seals. In fact the sleeves themselves looked fine, but the piston ring-grooves were worn.
Honed the sleeves and they look great with no ridge and are already an over-bore size. Main and rod bearing also worn an extra .002"
Also found several broken valve springs and one broken valve guide. Also found three rod piston-pin bushings that basically fell out of the rods (not a press fit anymore). Did the head, put new pistons and rings, but re-used the sleeve. Put in new rod and main bearings, sleeve seals, piston-pin bushings, etc. and now it's fine.
I'm glad I didn't run it long with the sleeve leak. You can spin main-bearings pretty easy if enough water gets in the oil-pan.