There a few stories on this forum of motors worse than yours being revived. But those projects were usually done by some well-experienced mechanics. The labor bill for shop work is different for them.
I would be cautious about going off the deep end with a project when there are often running engines or better rebuildable cores to be had for anywhere from $500 to $1500. A running engine is NOT a guarantee, but repairs can be assessed more completely.
The economics of restoring a poor core can be a deal breaker. Keep a weather eye on the market for other donor engines, and stay off the the lee shore of a costly rebuild budget.
Cheers,
Russ
Just saw this today:
https://maine.craigslist.org/bpo/d/w...812778714.html
.