Drive it and get over the white smoke it's huffing or throw another long block in it with better compression.
Tip for buying a used engine. If it has good compression it's worth spending a little time on and is worth the 1,000 dollar or so price tag. If it has **** compression (similar to your engine) then it's worth nothing more then a core block, which is about 2-300 bucks.
I do this sort of thing often and I see you are from NY... you aren't that far away unless you are in the northern part of the state.