Operation /6 - Where do I begin? Fix it or yank it?

Hello all,

I just picked up a 73 Scamp rust bucket. I fell in love with the car and picked it up pretty cheap. As the story goes, I finally got it home and had a chance to really look it over, and she has more rust than I hoped.

Anyways, under the hood is a Slant six (225). The previous owner advised that there was a "timing chain problem" and that he started to disassemble the motor. It appears that he got down to the timing chain and then stopped (for an unknown reason).

I am not mechanically inclined, so I will be searching Craigslist for some help. The question is, should I install a new timing chain (I don't see anything visibly wrong with it) and reassemble, then figure out what is wrong with the motor? Or should I just yank the engine and look for a replacement slant 6?

I have attached some photos that were taken with my iPad, so I'm sorry for the poor resolution. I'm just looking for some advice on how I should proceed. Thanks in advance for any suggestions.

P.S- sorry for the upside down picture. Stupid iPad! I will have to try and fix that as soon as I get to a PC.