I came into possession of a 1955 Early Lincoln V8 engine. I am new to hot rodding and will be working on restoring a 1954 Mercury. Let me know what you guys think, pros and cons. I may just sell it.
It's hard for us to tell if it's really full of water/rust, but the odds are pretty high that it is.... what happens when you try to drain the oil?
It will be expensive. The word you used is restore. That means to me that you want it to be original. Hot rodding is about changing so that doesn't fit how many of us think. No matter what direction you take, if there is no love affair, the end result may be a disappointment.
Those engines are mainly of interest to someone restoring a 55 Lincoln. Even in clean rebuildable condition, it’s an expensive project. Almost no speed equipment available, very little interchange with the Ford Y block, limited performance potential compared to more modern engines. As Jim pointed out, that one does look good for starters. Best you put your location in, and maybe someone looking for salvageable parts (heads, crank if either is that). Shipping would be a killer. If you’re starting on a 54 Merc, joining the Ford Barn and yblocksforever might be of use to you, even if an engine swap is in the offing. Also a place to advertise that one.