MMO is a great idea, keep it all soaking especially the cylinders that had gunk and water and keep rotating that assembly while lubing.

The 46 heads would be 10.5-1, it's a shame someone let this engine sit like this, I'm wondering if it wasn't a head gasket, wondering if it was left outside on it's side and the elements got in? It's still worth saving IMHO, a shop probably isn't going to want to touch it without taking it all apart in order to have any kind of warranty. I would say find a reputable one in your area, bring him pics and see what they say. It's probably not going to be dirt cheap.