How bad is the body rot? Interior? Rest of the suspension components? All in all it doesn't sound like a bad deal though. Figure around $2000 for the motor, $600-$800 for the trans, few hundred for the exhaust, few hundred for wheels and tires, etc.
I'd also find out where that crate engine came from. Sounds like he may have bought a crate shortblock, so who knows what the heads and such are like. A 650 qjet and a torker II is a combination you're NOT going to get on a crate engine, so it may have just been cobbled together. Swapping that intake for a dual plane will definitely improve your low end/towing though.
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