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.
Rebuild turbo,
injector pump, other accessories as needed determined by use. Find an online
service manual. Maybe worth
buying before
buying the engine.