First off... along Jason's train of thought... it is greasey where long run engines are greasey. If it was rebuilt, someone would have cleaned if not tanked it... so long ago they didn't invent tanks yet? the bolts on the timing cover... which looks odd at this angle, look like they never been removed, neither the oil filter etc etc.. If this was 'rebuilt, it was on the fast and cheap. Say like guys above- maybe a valve job a long time ago? Which technically isn't a 'rebuild' and... in my experience, if an engine wasn't run, for a few to many hours after a rebuild, the rings will sieze up again, being so new, dry and ripe for dew to make rust. I don't know about 300.... if you need an engine, and can get a refund if things don't pan out... otherwise scrap value for 500 pounds of iron...
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