Vicstasi, suggest you get a reputable indie in your area to assess the engine damage and give you an estimate to repair/replace the engine. The overall condtion/mileage of your 1988 420SEL would dictate if it's worth spending serious money on it. The transmission problem may not be as bad as you think, but that cannot be assessed without a running engine.
It would seem that this car has not been maintained properly so best to cut your losses and move on. Provide us with some additional info.
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Fred Hoelzle
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