Thanks for your advise guys!
The car has been on the public auction block for three weeks now. The last asking price for it was $3500 with no takers. Think the growling sound, sealant and missing cowling have scared people off from bidding on it. With a loan value of $10,025 on it, even replacing the engine with the price of $3500 would still come out ahead.
Guess I'll go down to Stu Ritters shop to get his book on the 300E's.