I would imagine that with milage and age those valve seal are probably crispy if the heads have never been done(which is a good thing because they wouldn't have planed beyond specs). Except for engine that is low milage and barely broken in for diffs. and trans, esp. if it has the 5 speed.
Vavle seal will make it smoke for a minute on start up and then not smoke. The bottom end of these engines are tough so if it hasn't had abused I'd think any problem will be in the heads. Abuse = running engine super hot and or running with blown headgasket with an oil pan full of antifreeze,,,as stated above, check out the antifreeze and unnder oil fill cap for a thick goooy chocolate milk looking crud.
As stated above,,,1st part to buy is the improved Harmonic Balancer bolt and washer, in case that has not been done.
You should check the bolt for loseness and H.B. damage,,,but I'd grab that Raider at that price(without rust) even if the engine was toast.
Everything looks like it's there under the hood,,,there's a big red wire along the firewall,,guessing that's for an option owner added, and not a damaged wiring harness.