Update:
Took the engine apart at the shop before money was exchanged. It was in really good condition (and it is all standard rotation). Crank, rods, block, heads, intake, carbs, distributor all in good condition. One of the intake valves broke the head off when compressing the valve spring. Dang if it wasn't a rifle-drilled stem! Unbelievably light for it's size. According to my machinist Hollman Moody did this to their HP crate engines back then. Hmmm...
Basically it will be a normal rebuild with new pistons & valves although the owner has spoke of selling the crank and cap-screw rods and putting a stroker crank and rods in it. Those items can't be cheap.
It will go into a clone '67 R code Fairlane with a 4-speed (of course!). He'll drive it when not driving his '69 Road Runner with a Hemi and 4-speed or his '64 Aluminum Max Wedge (real deal and yes he drives it around). Man, some people have all the fun!