Hello, I just picked up a late 1950's buehler turbocraft jetboat with a 312 interceptor in it.  It has been sitting for say 20 years, the boat was covered for about half that.  Engine compartment was alwasy covered, but boat doesnt have a drain plug :-(  ownere drilled a small hole several years ago.  Engine is seized solid.  Starter is seized solid.  Alternator is seized solid.  The whole oil pan mush have sat in water for a while and froze.  IT's cracked the whole way around on the curve.  Hoping this engine isnt fried, but it looks bad.  Original goal was to do a partial restore of the boat to get it in the water and having fun, but looks like I need to pull the engine and do a ton of work.  I"ve never done an engine rebuild(inboard, I"ve done quite a few single/two cylinder outboards).  How screwed am i?  Assuming the camshafet and bottom of the rods have been sitting in several inches of water for years....Heck the oil pressure gauge on the side of the motor even is full of rusty water....

The entire rest of the engine(intake, cabs, exhaust manifolds, etc) all looks good.  Peering thorugh the oil fill in the valve cover, its still shiny and clean!  I"m not sure if this had been rebuild already as the mixed color parts of the block and the rest of it?  I dont know if it makes more sense to part the thing out(I have tons of parts that came with it) and repower, or attempt a budget rebuild.  I have 2 young kids and not a ton of extra cash at this point in my life...

Any input or help would be much appreciated, thanks!  PS.  HELP!