340 r.i.p.

The 72 swinger I just bought with 340 and 727 just hit a major snag. Engine did not run when bought and told it had low oil pressure. Brought it home, did compression test. 100>on 6 cylinders, 3 and 4 =0. Tore it down, hoping for a head gasket or even a cracked head. Found more pres tone in pan than oil. Oil pan had major shrapnel in it. Two broken connecting rods, huge holes in windage tray. oil pickup loose in pan. Found the pres tone leak to be coming from a crack in cylinder 4. Connecting rod 3 and 4 were broke at bottom clamp like you held a torch to them. Rod journal are welded to crank. Pulled the oil pump and found a sheared shaft and locked up pump. Cylinders look recently overhauled with traces of honing but unfortunately holes are bores to 0.060. So I have an engine with a cracked cylinder, max bore. and crank with rod journals that have bearings welded on to them.

So here is my dilemma, one reason i bought this car, always wanted a revving 340. Now I have a boat anchor and a old holley 600. So where do I go from here? I have a friend that has a 80's 318 for $100 that runs but needs to be rebuilt. I can get a junk yard 360 for about $300, no idea on condition. Or go for a rebuilt shortblock or longblock. I know nothing about magnum engines but if that is a good option, i would look into it. I am leaning toward a 360 but any advice would be appreciated. I plan on building a street driver with power brakes, power steering, factory AC. I have 3.23 gears and a 8.25" with a 727. The rest of the car is a long ways away, so there is no real hurry on engine other than knowing what i have to look forward to. I hope to post some pictures as soon as i can get my 9 year old niece to show me how. I never knew a connecting rod could stretch that far!