Auto Racing: 502 and water damage, light rust, hurricane issabelle

Question
i guy my family knows has a 502 that was flooded in the hurricane issabelle? he wants $1500 for it would it be worth taking down and rebuilding and what are things i should look for that are not healthy. i also know it hasnt been turn over yet. so if you know any answers to my questions i would greatly appriciate it.

Answer
HI MIKE ,IT DEPENDS ON HOW LONG THAT ENGINE HAD WATER IN IT ,THE ONLY THING I'D ASK HIM IS PERMISSION TO PULL THE HEADS OFF AND TURN THE ENGINE OVER ,THE BORES CANNOT HAVE ANY REAL RUST OR AN OVERBORE IS NECCESARY,LIGHT RUST ANYWHERE ELSE IN THE ENGINE WOULD NOT BE A PROBLEM ,IT MAY BE A GOOD DEAL AT THAT PRICE ,MAYBE A QUICK BOIL AND HONE WITH NEW RINGS.BEARINGS AND A VALVE JOB WOULD MAKE IT AS GOOD AS NEW . GOOD LUCK ,JMAZIO