A 360 block sure is a good start for a 408, though it looks quite rusty and probably was exposed to the elements for a good while.
Shouldn't be a problem but you need to know whether it has been bored already. You can then determine whether it will clean up
with the next bore. When it's 30 over already it probably won't clean up leaving enough meat. Also ask whether the crank has been
ground..
You can safely dispose off the camshaft and timing chain. :) All the rest needs some further inspection. 100$ isn't a lot of money
when the block and "some" other parts can be used.
