Just figure on how much machine work you want to do prior to getting it home and ready for assembly.
Taking everything apart, getting it cleaned, magnafluxed, bored, honed, line bored, more than likely the crank is toast and as one guy said, probably all the bolt holes will need cleaned if possible. Another thing to think about are the water passages, are they rused shut.
I'd pass and find a good 327 block locally or maybe even on ebay (with very much caution of course). Anyway, you are still looking at the machining process if you get a used engine somewhere.
Just my thinking.