Newbie With Engine(s) Questions...

FYI - 340 is a small block, 383 is a big block - anything is possible if you have the want and desire - and the $$$. I agree with the others here, verify that it IS a 340 and get it! All those rusty parts will need to be replaced anyway, so they aren't a concern.. it's what is behind and under it that you want. Through all that rust and crust - I bet there is a decent 340 in there. That gold car looks (from the one pic) like it has potential.. can you get more pics?
It's buried in snow right now, so depending on which way the winter weather goes it's going to be a few weeks before I can get out to it. If it's as good as the guy says it's a good deal.