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Im probably going to get slammed here but I'd be too tempted to just change the oil, purge the gas and put in new and turn the key and see what happens before I'd drop the engine. Its not like its been sitting n a barn for 20 years. Even the oil on the outside of the case is visible.
Looks like a lot of fun, Do some rust searches here to learn the hot spots and dig around the front pan and jacking points. Nice find though, mind letting us know what you paid?
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79 SC unmolested
75 911 backdated RSR widebody
71 911T having fun skinny
63 356 outlaw frustrating purists
25 GTS
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