I had entertained the idea of buying it, and having the group put it back together with either a O-235 Sparrowhawk, or a O-290 for a powerplant. And a taildragger conversion as well (88C is the taildragger Capital of the World) Any thoughts besides I'm insane, I know that already!
We have a 0-290 with about 20 hours on it from a donated aircraft. We found the 0-290 is a very expensive engine to work on as Lycoming doesn't seem to want to make it cost effective to work on, such as a $500 set of rings.
This engine most likely had a prop strike, so tearing it down is not a cost effective option and even the airboat folks are not interested. So a few thoughts on the 0-290.
As far as the restoration, any time we can recover/restore one of the 150/152s it is a good thing. Just about the money and time. Do you ahve the aircraft logbook?
A great way to learn about the plane from the inside out, and this forum will be a great source of support and information.
Good luck.
John