Lou:
Andrew's right about the 88's (not to be confused with those nasty German 88's) and for $150 it sounds like a good buy, even if it has 178K and not 78K.
Pull the oil plug and inspect it and get some of the draining oil on your fingers. Look and feel for grindy metal deposits. If possible, pull the oil pan and pull a couple of the main journal caps and rod bearing caps and look for excessive wear. Also, check to see if they are marked "STD" of .010, .020 etc. If anything other that STD she's been gone through at least once.
Also, check the size of the crank main journal seats on the block as some of the 87 and 88 had the beefier truck-style blocks which means "more better" I'll have to check to find out what the difference in widths are so you know exactly what you're looking for.
Unless you find the bearings are .030 over, excessive bearing wear, and/or metal shavings in the oil, you'll be fine. These engines were well built and are virtually bullet proof.
Finally, I don't know what your budget is or what you mean by "I want to build a motor" but if you plan on doing a real rebuild and have the budget for it, you'll find that stroking it won't cost that much more that doind a 302.
If you'd like, I'll send you my spreadsheet that will give you some comparisons as well as allow you to create your own budget sheet.
PM me with your email address and I'll zip you a copy.
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\"Buffy the Hot Rod Slayer\" we call her. Remember guys: \"That which does not kill you makes you stronger.\"
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