Go for it
For a first rebuild that should be a good candidate. You will need to take everything apart to see what you have. I am more familiar with the diesels so I can't say whether you can resleeve the gassers. You need to strip that block and get it to a good automotive machine shop to check out. I had a 616 engine resleeved at my local shop for around $200. Not sure about the price of parts for the gasoline engine but the pistons are the most costly part on the diesel engines.