Story, beenthere, done that.
Was given a free 5.0 chevy that was good when the owner sold the hood 2 years prior, occasionally someone felt bad and a bottle of whatever (I recall p/s fluid) was poured down the water full carb.
In a pinch, the engine was needed to finish the points season @ the local dirt track. After a couple hours of freeing it up, it was found to be a sludge monster, valve covers, intake and oil pan removed for pressure washing... It was then installed and ran for 10 weekends before the plastic timing gear stripped, clogging the oil pump, locking up after the driver ignored gauges, main bearings melted...
Autopsy reveled huge pits very similar, but considerably worse, then the photos above , it ran fine when warm, missed a little cold, didnt smoke and there was evidence it was trying to heal itself by filling the pits with carbon.
It was speculated the reason such a thing worked is the damage was radial not top to bottom.
Go for it!
Homestead Chump 5th-Sebring 6th-PBIR Lemons 9th - Charlotte Chump CrashnBurn 9th
Sebring 6th again -NOLA Chump 1st -PBIR Chump Trans Fail 16th
Daytona 11th - Sebring 6th - Atlanta Motor Speedway 2nd - Road Atlanta Trans Fail 61st-Road Atlanta 5th
Daytona 13th - Charlotte 9th - Sebring 2nd-Charlotte 25th broken brakes - Road Atlanta 14 10th-Daytona 14 58th- Humid TT 19th Judges' Choice!