The life of a Magnum (and 46RE question)

How is the engine life on these engines, at what point is it not worth picking up for a project?
Lets assume we don't plan on doing any machining, just bolt in type mods.


I ask because there is one with about 185k miles I'm preparing to snag and I just want to be prepared for what lies ahead... [-X


To the transmission question: the 46RE, I believe is the 4x4 that this engine will come with. I've read about these being converted to 2wd, is this preferable or will going to a 904/727 be a better option?