I bought a 2000 xc and keep finding problem after problem

[675AZ]

Please give me your input and words of wisdom. I'm a 22yr old student and dont have tons of money and really was looking forward to this bike. Here's my situation....

So I bought my first gg two days ago and first had no spark so I started looking into that.... I had nothing (no power) coming from the stator. I took the ignition cover off and saw lots of corrosion and stripped screw heads. I started to turn the flywheel by hand and felt what I thought was play in the crank or rod/piston. So I took the jug off and sure enough there's a lot of verticle play on the lower rod bearing. Do I rebuild it or ditch the project and move on? Parts aren't to bad it's just the labor I'm worried about. I am thinking I'll be a lot happier with a whole new motor and I already planned to do a complete rebuild with new powdercoat and 2011 gg plastics, seat ect...