Salvagable Block?

If it were me......

I'd clean it up the best I could, MYSELF, then give it a good rub down of oil, or some sort of protectant, shrink wrap it and store it till I'm ready to put it to use. The cost of cleaning the cylinder walls to remove rust and pitting, is gonna be at risk, if you do it, then put it in storage. Store it cleaned up and protected as-is, till your ready for it!!!!!