OH, well... I'd still want to inspect it before purchase, especially for rust. A lot can go wrong in 21 yrs., especially after it changes hands and winds up at an auction. It's even the little things, that one is filthy inside and looks like it was put away wet (rusty driver's seat leg pic), so needs the entire interior deep cleaned. I'm not knocking people for having a dirty interior after 21 yrs, but if putting that much work into it, I'd want the dirt to be my own.
It's entirely possible that the only thing wrong is the rear end damage, which I'd want to fix if bothering to put major parts in, but there's the rub...
If you want to transfer engine and tranny anyway, wouldn't it save a lot of hassles to start out with one that had a V8? Why redo all that wiring and PCM if you can avoid it?
Is it possible to achieve your goal with that vehicle? Probably. Is it the best option? IDK what else is available in your area or how far you would travel, as I would always want to inspect before purchase.