Is it actually a round port and not a D-port 455? 1971 was that weird year where you could get the D-port engine. (or maybe that was just with an automatic? - I forgot my memory is going)
Rear frame rails are expensive to do but since it needs all the other parts that attach to them, it actually would be less labor when you don't have to spend all the effort to save a nice trunk floor or tail panel. That being said, If it is a real 455HO stick car with its born with drivetrain, I think that is a very good price (I love that color).
If the engine is not running, and out of the car: I would treat it as an engine that needs to be disassembled and rebuilt. There is an old saying: Unless you can hear it run, it doesn't run. I'm a stickler when it comes to engines on recently purchased cars. I always take them apart when I buy a car. Every one so far has had issues, from bearings about to spin or 12 to 1 pistons that wouldn't run on anything less than 110 octane, to incorrect valve spring retainers that were in the process of dropping all 16 valves.
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