This looks solid, but it sounds like the engine was rebuilt, but never got running again.

“L226 Hurricane 6 engine [original] partially installed, not running,
fully rebuilt; honed – not bored, original pistons & con rods, carburetor & distributor 
New crankshaft, wrist pins, bearings, gaskets, seals, timing gears, water pump
Fresh valve job w/ new guides & hardened valve seats
sand blasted & painted w/VHT
Converted to 12 volt with new battery, wire harness and electric wiper conversion 
3 speed, 4 wheel drive w/locking front hubs, high/low transfer case [original/stock]
Borg-Warner overdrive [not installed]
New drive shaft and universal joints
New front leaf springs
Steering gear rebuilt
Axles; front Dana 25, rear Dana 27
Brake system fully rebuilt w/new lines, cylinders
Fuel tank striped & coated w/ new lines & fuel pump
Seats recovered OEM
OEM radio, not installed
OEM headliner, mahogany side panels [not installed]”

http://westernmass.craigslist.org/cto/4524972971.html