Now that you've got it home and cleaned up a little it looks like it's in better shape than the original pictures showed. I'd say you got a good deal for the money. That earlier darker red looks great, I had a 91' vert in that combination.
Get that engine out and check out what the issues are. You can drill off the heads of the stripped camcover bolts. I had one like that recently. Drilled off the head and was able to pull the cover. The bolt stud that was left was easy to remove with a bolt stud remover.
The idea of simply buying a replacement engine and then parting out the original engine is a good idea if you have the funds. You could end up with a minimal expense when all is said and done and a driveable car much sooner.
Otherwise just take your time and enjoy the process.
H
