Don't give up on the engine that easily. Any engine of that age will need stripping and at least some engineering. The key is whether there are cracks from frost damage and are the bores rusted to an extent that it can't be bored. Pistons and bearings are cheap and this is a very common engine so parts are available.
I suggest pulling the head and cleaning the bores as well as possible from above. Clean out all the resulting crud, re-oil the bores and try the Jeep rocking trick every week or so. If it does move you will get oil on the driveway so you need something to catch it. If all else fails the pistons can be pressed out once the engine is dismantled.
Good luck. David
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