Grey sludge in brand new radiator - what does it mean.

Can you tell where the motor has been worked on ? Like a new water pump, intake, other


Honestly I have no idea. The previous owner put on a 4bbl stock intake and carb from another motor, but it looks as old as everything else on the motor. The only truly new stuff on the motor is the radiator I had a friend mechanic put in, but I'm pretty sure that the engine wasn't flushed. Even my new remanufactured brake master cylinder is leaking out the back, and come to think of it so is the freaking power steering. And of course I noticed last night that of course the gauges don't work I can see the oil and temp sending units.. but no wires anywhere to hook them up.

Does this make it a basket case?