Just got home with a 54 Mainline. Got it from a guy who had it for 4 years. Said it was running and driving when they got it. Started taking it apart to restore then had a kid, lost interest, etc. The normal project car you find. Has some rust issues on front floors, rockers, and lower quarters. Came with 2 Y blocks and a auto tranny. They said the 1 with the tranny was in the car running and the other came out of a 59 truck. Both turn over fine. It even had 2 aluminum slot mags in the trunk. I am already working on a 77 Trans Am, 31 coupe, 51 Merc, 62 Corvair van, 71 Chevy fleetside, and have a 53 Chevy PU, 51 Ford PU, and 48 Ford PU waiting so don't know what I am going to do with the Ford yet if I didn't already have so many projects I'd keep it. I'll probably flip it on eBay and keep the engines.
Your story is very similar to mine. 54 was running and driving, some guy had it, took it apart, horse traded and then my friends and I put it together. At least your deal had a drivetrain in the deal. From this: To this: And I still have stuff to do.