Inliners International Forums General Discussion Engines 54 pontiac 239 rebuild?

Hello,

I have finally discovered that my inline 6 - 239 in my 54 pontiac is shot and needs a rebuild(keep in mind, I have never driven this car) It will cost me about $1500 CDN to do it. My question is, can someone tell me if this engine is worth rebuilding? are they reliable? is it fast enough for a cruiser? Should I just pull it out and put something else in? (if so, what?)my knowledge is a bit limited but I am willing to try anything. And as always I am fairly budget minded.

Thanks
Mark