[TexasZ212]

Salvageable??? Most likely but at what price?...and what will you have after all that? Factor in the headaches and aggravation too when dealing with old seized rusted out parts.

Me personally, I would be looking at other options, including another motor.

Take everything apart, including the motor and look over the damage. Price everything out, parts and labor.

Motors that have ingested water and sat around for a while are usually beyond hope and then some.
Everything is usually re-buildable, but again, at what cost and what do you really have when finished?

Often times, a much better later model replacement is actually just a small amount more money than it would be to rebuild, especially when it comes to dealing with a water ingested motor that has sat around for a while..

Used exhaust parts can usually be gathered up on Ebay for a reasonable amount. Take a look at those prices and then look around for aftermarket exhaust parts and price those out.

Take a look at used engines, rebuilt & exchange motor prices, along with new engine prices.

Take a long hard look at all your options before deciding which route to go.