Gee, Chris..
Were has our bedside manner gone?
Elvis,
We have too make some assumptions here. (No engine model # or what it is mounted on.)
I assume that this engine is mounted on a lower end mower or other piece of equipment.
When you say that it has been abused....I am guessing that you mean that the oil was never changed, or any other maintainence was done too it.
The top end bearing was probly subject too low or no oil situations more than once. (Thats why it was trashed.)
If that was the case....that means that the other parts were starved of oil also. (Cylinder, bearings, etc.)
That would put you into a short block. (That cost more than the whole machine is worth.)
That engine was used on MTD, Murray, Poulon and other cheapo walkbehinds and other pieces of equipment.
I am sure that if the engine was that abused.....then the rest of what it was mounted on took the same abuse and.....the low end stuff just cant take abuse.(Blade worn out, deck bent, wheel adjusters spent? etc.
If you just want too get it running again.....sometimes you can pull the flywheel toward the module (if the module hasnt been beat too death.) and set the gap in that position. (Like Will said.)
I wont last very long but it may satisfy the urge too fix something. HTH.