when engine on bench?

I had to move my spare engine, again, while working in the barn.  I need to decide what to do with it. Came as a spare with my syncro. was given to the seller by a friend. Supposedly pulled from van to make way for conversion. 

What I can see upon casual observation:

- oil leak from base of crankcase breather tower (seen that before!)
- minor oil weeping from one valve cover
- pushrod tubes shiny, oil and rust free
- oil pump endplay 0.004" (good)
- water pump seized
- crank can be rotated, there is compression. I suppose I could rig up my spare bellhousing and starter to spin the bugger and test compression.

So what else can I look at apart from pulling the heads? 

alistair