If this was a racer, it is very doubtful that original engine would have survived and still be in this car. This will be a very expensive restoration as the A pillars are rusted. That is usually indicative of lots of rust elsewhere. This vehicle was probably stored in the weather outside on the dirt as indicated by the layered rust on the rear springs, there is also what appears to be caked salt residue on the floor pans, never a good sign. My guess is that somebody probably ran it for a couple of years as a weekend bracket racer and most likely with a dead engine the car was parked for good.
Dave