Tim:

Since there are only 4 valves in the head, your engine is an F-134. One would think the flathead would be an F-head, but the "F" describes the path fuel and exhaust take through the valve path. The flathead is the "L" head.

An engine that has sat this long needs to be hot tanked to clean out as much rust crud as you can. There are oil passages that, if they are blocked, will cause you a lot of trouble. Once you get it cleaned up, you can look at cylinder walls, do some measurements and figure out whether you can do a clean-up bore or even put in sleeves. Sleeves really aren't all that big a job.

Make sure there are no internal cracks. If an engine freezes and "busts", the place it splits very often is in the gallery that runs down from the oil pump to the drive gear on the oil pump. My crankshaft had some little cracks at the flywheel flange - a little welding took care of them.

It will go back together! I don't think a F-134 has every worn out beyond rebuilding. A 'new' long block is about $3400, so let that be a reference point for you. A complete rebuild on mine was about $3300.

JEEP - an abbreviation for "Just Extract Every Penny".

But, we love them.