yrless11 wrote:
If by chance the engine is seized, don't give up on this project. I've seen similar sized engines on craigslist for 500 bones give or take a little. Since you'll probably need to replace most of the hoses, etc, it may not be a bad idea to just swap out the engine. Of course this is assuming that the current one is bad. There are lots of smart guys on here that can help you along the way. Of course posting pics always generates interest too

Oh I agree that it's not a 'give up' proposition if the engine doesn't run. But for an old 195, even with sentimental value, there's a serious question of just how much money should be spent on it. But then who are we to deprive this naive young man from learning that lesson the hard way...
Having rebuilt engines myself I'll argue it's nowhere as simple as just changing hoses. That's like saying replacing a bathroom vanity is the same as gutting and renovating the whole bathroom. Yeah, it's just a matter of steps and work, but there's a LOT of steps, a LOT of work and a LOT of money differing between the two.
But don't ever kid yourself that the money you dump into it will EVER translate into any sort of reasonable return on investment. The advice I give when dealing with old cars, boats or anything else being 'renovated' is you will never, ever get back the full amount of money you spend on restoring it. Just look at the money spent as entertainment. This is especially important if there's a spouse/girlfriend involved and you're tempted to start making excuses for where the money is going...