There are a few things I do with an unknown engine;

1)A compression test, and a leakdown. That tells the story for the rings/valves respectively
2)DROP THE OIL PAN AND CLEAN IT OUT this is mandatory in my book
3)In your case, while the pan is off, removed one or two of the rod caps and see what kind of shape they're in, and inspect the piston skirts at least.

Make your decisions from there.

My plugged nickels enyhoo.

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