Well, got it home successfully. You were correct on the foglight. Both of the people who have owned it were there, so they discussed and got their story straight.
They had a previous Packard with the foglight that turned and it developed a nasty rod knock, so they had sold it and bought this one as a replacement. The 16k miles are original because the teenage son took it out racing in the early 60s and blew the transmission out shifting from L-H under load.
They were always going to fix it, but just never did.
So it aounds like the chances are good that the engine is fine. I will pull the thermostst housing and clean the junk out of there and see how clean I can get the open cylinder from the outside, then pull the head and see what condition everything else is in.
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