Hi Rick,
I'm in the middle of tearing down three 1928 engines to hopefully get enough good parts to build up one engine. Since this is my first voyage into such a project, I won't offer an opinion about what you should do.
However, I do think that you need to do a bunch of research in order to make an informed decision whether to rebuild what you have, take a chance on buying another used engine, or something in between.
To that end, I highly recommend that you join the VCCA. There are a LOT of technical articles that will help educate you about these lovely old machines. The premier one is 'School is in Session', where master mechanic Ray Holland goes through a rebuild of a 1928 engine.
Another huge benefit of being a VCCA member is that you can use the Search Function of the web site. Many of the questions that you can think of have been asked before and their answers are posted in a forum. You just have to find them.
Cheers, Dean