I had a mechanic, a very knowledgeable Ford mechanic duck down and have a look at the engine to ascertain whether it's worth continuing on with or to dump. The mechanic, (let's call him Phil) says there is a little question mark over one of the bores but should be okay. The rest will hone out alright. He is preparing a quote for me soon. Plan is for a mild rebuild, stage 2 cam, something with a bit of poke. Phil also said the heads will be okay once they get a service. He said they already have 4v flat top valves and new springs and should be good.
One thing I noticed when I ripped the sump off the other day was this bolt protruding through the piston rod. Phil noticed this and said he thought it was because the engine came from a Bronco, and asked me whether it had a Bronco sump. I said it did come with another sump and when I showed him he said yes that's the one.
You can clearly see that "one bad stud" poking down there. No, this is not something from an Alien movie. It is the under side of the engine showing the crankshaft. Phil tells me it's perfectly normal... for a Bronco engine.