I would fix the starter, temporary a 12v battery in, crack the oil drain plug, see if any water in the pan, let it drain off.
Then see if it will turn over, spin the oil out of the cylinders, run a compression test. The compression doesn't need to be perfect, just enough to see if it has hope of starting.
Establish spark at the plugs, give it a squirt of gas in the carb, see if it will start and get oil pressure. You'll have to keep squirting gas to keep it running, a pump type oil can works well.
Once it does start, replace any obviously bad hoses and see if it will hold water. Go through the carb, temporary a gravity flow gas tank, let it run long enough to evaluate the engine. If it will hold warm oil pressure at idle, gets good compression (may have some stuck valves to deal with), minimal blow by, no knocks, it may run a long time for what it will be used for.
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