WOW. you probably have some serious rust damage in the engine cylinders too. If you can turn the engine over by hand then drain the water and spray some oil, Marvel Mystery oil works well, in each of the spark plug holes. If you are lucky, all you may need is to hone the cylinders, but you can't really tell about the piston rings though unless you pull the pistons.
Let us know how it goes!
Russ
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