98 Cobra... Should I?

I saw this motor in a Craigslist ad.

engine 98 ford cobra 4.6L

Has anybody dealt with spun bearings? I know that there is the potential for motor damage since the reasons why someone spins a bearing is because of heat, no oil, or just running the hell out of it. I just don't know if it's a rod bearing or main bearing. I plan on tearing it apart anyway, and I was going for the aluminum block. The price is great also. What would you guys do? Is it worth it, or just keep looking?
 
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in summary it was my fault.. i had accidently stripped the oil drain plug so it had a slow leak that i neglected (besides being lazy to get a new plug, i didnt keep my eye on the oil level...coupled with driving it in the hot summer)...
do u think ur gonna pick this motor up?
 
in summary it was my fault.. i had accidently stripped the oil drain plug so it had a slow leak that i neglected (besides being lazy to get a new plug, i didnt keep my eye on the oil level...coupled with driving it in the hot summer)...
do u think ur gonna pick this motor up?

I'm seriously considering it. Especially if he'll take $200 or $300 for it. It's pretty much exactly what I want (teksid block). Whatever I get I'm completely rebuilding anyway, shooting for some high HP numbers.