The car had the suspension and brakes rebuilt two years ago and a new clutch. It looks very good cosmetically, but not perfect. The engine then spun a bearing (according to the owner) and he has given up on the project.
It would most likely need new timing gear and valves/guides etc. as well if I had to guess.
I will most likely have a close inspection of the car next week. Good enough reason to buy a bore scope.