If I or someone close needed cheap transportation and I got it REAL cheap I would probably throw a used engine in it after I looked over the rest of it......like others said, if your planning on trying to flip it for profit you'll probably end up losing money (counting time as money too) when you really think about it.
I may be wrong since I am not familiar with the engine in question, but if the distributor is driven off the cam shaft and teh timing belt/chain broke.......it ain't gonna move

I also may be crazy, but without the valves being in sequence via correct timing, your compression test is going to be inaccurate at best....idk, just my 2 cents on that.