I saw that too, and it didn't make the reserve (or maybe it was terminated early?).
It would CERTAINLY depend upon how it was initially put away (was it sprayed with storage lubricant, was the engine oil clean and new, was the coolant drained?) and how it was kept (was it routinely run, was it outside or in (out in this case), is it in a humid environment and was the temperature constant or widely varying? (condensation can play havoc in VERY short order)).
Anyway, I can possibly provide a real life example. My GT engine was sort of rebuilt and re-assembled back in 1989. It then sat in various garages, but always indoors, and always at a fairly constant temperature (i.e. it never got below freezing), and was only run perhaps a dozen times, and never for more than a half hour at a time. When I pulled it apart again last year, after 15 years, it was in remarkably good shape. That is, there was no corrosion in the cylinder walls. But the cam had several rust marks on it, as did the crank, especially under the bearings. Would it have run? Certainly, but probably with a reduced life span.
I don't recall where this car was situated. But based on the car being stored outside, and it would appear with little thought for proper storage (baggies wrapped over the DCOE horns don't constitute "storage"), I would suggest that the engine would need a complete tear down. And then likely a cylinder hone, probably new rings, possibly a crank grind and new bearings, and possibly a new cam and lifters.
I think that to suggest that an engine re-built in the '70's and then lightly used is a positive description would be a bit optimistic
JM2CW
) and one that had been kept in a garage. They were both locked up. 
