If you mean to get it broke loose to run, not to dampen your spirit, doubt that will happen. Most I have torn down, you will find the cylinders pitted around the pistons. Rings more than likely stuck also. Doubt honing will get all of the pits out, so you are looking at some oil consumption.
Depends on if you're planning on it being a trailer queen, and just run enough to show, or using it. Honing the cylinders, and a soft set of rings, may possibly get you by. Sleeve & piston kits for the B's C's run around $300.00.
If the pan was pretty well full of water, you probably had it up on the crank and bearings, depending on where the engine stopped. Maybe even up into the seal journals, if it was plum full of water.
Sleeves may also be cracked. Was there anything in the radiator..?? A sure sign of cracked sleeves. I've also seen the blocks cracked between cylinders.
Past experience has taught me to do the teardown, and see what you have to work with, for something that has set that long. If the block is solid, you can get a sleeve set, crank checked and turned if necessary, w/bearings, a valve job, gaskets, and you have a new engine.
