Ok, Im not trying to be the buzz kill here, but, youre considering buying an engine, sight unseen, and the only thing you know about it is that it spins?
Will it start? If it starts, whats the compression like with each cylinder? Any leaks, rattles, burning oil, etc.
If it doesnt run, find out if the seller will at least allow the oil to be drained and the pan, heads to be pulled for a closer internal inspection. Doesnt hurt to ask.. right?
I know you plan on rebuilding it, but, youre taking a big chance on a sight unseen, untested engine. Just because it spins means nothing. It could be a cracked block, missing all the internals, badly overbored, etc etc.
Im not trying to kill the deal, but, its sounds like the best bet is to have someone who really knows engines, specifically pontiac engines, look it over. Otherwise, a road trip is in order for such a high purchase.
Have you at least requested a ton of pics of the engine from all different angles, etc? Have you requested and run the numbers that the seller can provide to verify that it is what he says it is?