Welcome, You may get lucky and she may start after the work you described. There is always the option of fixing the motor you have if it does not start. You can hone out the cylinder then install new pistons (great time to increase CCs if that is your thing) and the parts are not that expensive. You can usually find pre gen (before 07) motors for around $300 if you do some searching.
I would tear it apart and inspect the cams, lifters and cyl walls for wear/damage and if there is none then the bottom end may be ok. Then you can adjust the valves, button her up and see what happens.
What ever you choose GOOD luck and don't forget to post some pics and post what you do so others can learn.
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