'69 340 Questions

As stated, you wont know what you have unless you open it up. You could get a bell housing and a points distributor and fire it up sitting of the shop floor also. I wouldn't tear it apart if you don't have the budget to do what it needs, up to machine shop service. The engine being 50 years old don't really mean anything, either the engine has wear or it hasn't been ran much. Again, you wont know unless you tear down and inspect, and that includes taking measurements.