That motor is definetly salvagable (I couldn't tell if there's a crack down in the main chamber of the block.....that could complicate it a little). If one of you has a buddy who's good at TIG welding, that block can be made to look good again. However, I think it would be easier to replace the carb rather than try to save that one. If the crankshaft journal is goofed up, our buddy Bob out in Oklahoma can probably fix it (maybe Wayne can too).
It would be a shame to set these parts on the wall just to look at. You should sell them to one of the guys here so another Simplex may run again with Simplex power! Then you can use the money to help out with your project.
What's really cool is that this motor is only 3 numbers newer than one owned by one of our members (aquaelvis......who's in California.....I don't think we've heard from him in a while....or does that bike now belong to kjwiley???).
Mike Sal