I haven't done a Ford Lehman in a long time... they are light duty engines.
If it's a non-turbo, not abused but cared for, about it's 1/2 way to an overhaul. If it's a turbo model, near overhaul.
Undamaged but compression
loss and smoking overhaul is usually new rod and main bearings, cam bearings, sleeves/bore, pistons, rings. Heads in good shape just valve grind and seals
, otherwise complete head rebuild
turbo, injector pump
, other accessories as needed determined by use. Find an online service
manual. Maybe worth buying