Barn Find!!!! Well not really......

Make it something either one of you can take out and drive anytime you like.
Get the engine bay cleaned and tidied up, and get a motor and trans in there. If you want to spend the bucks to piece together a correct 340 for it, make that your long term. Short term (if it was me) that thing would have a 5.9 Magnum and a 46RE in it by next weekend (well, maybe a couple of weeks... :)). Factory EFI and electronics. Easy install and very driver-friendly. Like others have said get it on the road and make it safe, tackle the rest as you feel inclined. Enjoy!