
If I've to take a guess, I'd say it's absolutely hopeless. The engine looks like it's been seized since eternity. As for restoration, the engine has an oversquare design. Huge bore yet a tiny stroke (I'm no expert, BTW) so rebuilding that engine alone would be a nightmare.
I'd sell it for scrap metal and be done with it if I was you; unless it holds some sentimental value, of course.
In any case, best of luck!