I have the opportunity to pick up a '64 fairlane 390 4 speed, CHEAP!

I am sure that I am going to buy it, but I think it is too far gone in the body and frame (mostly behind the rear wheels) for me to fix it up. I kind of plan on raping it for the drivetrain and selling what I have left.

My questions,
How many horsepower as the motor sits now?

Can you give me a ballpark figure on the cost of rebuilding this motor, machine shop charges, and parts for a stock rebuild if I do it myself?

Thanks,
CHAZ