That engine most likely could be given some extended life,and for minimal $$ too.
Quickee hone & re-ring with fresh bearings and a basic valve job and a few pieces here & there and you would be set.
The 455 shortblock in my bird is like that,it just has my good #96 heads on there now because I had no other use for them,so I sold the "basic" 6x8 heads I had planned on using with that motor to recoup funds for other project needs.
Short of some serious fubar bores or journals,it cant be any worse than running it "as-is".
As for my "set-backs",fubar heater core,rusty trunk floor,a bit of rear window rust,and a laundry list of other things too numerous to mention,all coupled with a serious lack of funds to change much of any of that list.
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This space for rent...
In the meantime,check out the cars
HERE.