I ended up buying that setup. It was a great deal so even if I have to do some rebuilding, that's fine with me.
I order a leak down tester from Harbor freight for $40, it should be arriving today or tomorrow. Are there any write-ups to the procedure? I've looked around but haven't found anything too specific. How do I find TDC for each cylinder? And will I get better results if I pull off the rocker arms to make sure each valve is seated fully?