I would think the cam is toast. It also could be siezed. will the crank wiggle at all? The rust on the plugs is discouraging too. It suggests water has been in the oil to me. Also suggests the cylinders may be very rusty too.

But a good soaking might loosten the pistons enough to get it to turn over, you never know.

But I am thinking very likely it will have to be torn down and gone through.

Tom W

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.