I learned the truth of Grant and Steve's assessment a number of years ago, when I bought a Super Cub with a 200 hours since major overhaul engine. Unfortunately, the engine was mostly junk, and in fact, had been assembled with illegal parts, which were found when it was torn down for a REAL overhaul. Near as we could tell, the "overhauler" had (maybe) pulled a cylinder or two and looked inside and called it a major. As Grant noted, in an overhaul, parts must simply meet service limits. Theoretically, any or all of those parts could wear beyond legal service limits the next day, and everything would have still been legal. Consider the case of Alaska Airline's MD 80 which crashed off the coast of California.
On the other hand, I was then faced with the question of what to do about this engine. In the end, I had a local A & P with a really good reputation with engines to rebuild the engine--a major overhaul. He told me up front what he would do and what he wouldn't do with the engine, and I agreed. ANYTHING that looked worn was replaced. Cam and Crank went out for testing and certification. New pistons, new rods, new valves, some new cylinders, I think we re-used one cylinder. Turned out to be a great engine, and I'd go that route in a heartbeat.
Problem of course, is I paid for a 200 hour engine that was in fact junk, and had to pay for an overhaul. The good news in that case, is that Cubs were appreciating in value so fast then that I got my money back in the end, but....
If I were to buy another plane now, I'd seriously consider a plane with a TBO'd engine, find a good engine guy, and have him do the rebuild. Just pay for a run out engine. Unfortunately, a lot of folks seem to think that an airplane with a run out engine is still worth what one with a brand new engine is.
As to logbooks, I had a "responsible" shop LOSE the first logbook for my present airplane, which irritated me just a little. Be very careful about letting ANYONE keep your logbooks for any longer than is absolutely necessary.
They basically shrugged their shoulders when I pointed out the missing logbook, even though the owner of the shop knew that it had been there, cause he'd seen it and discussed it with me. Grrrrr... Hopefully, when I go to sell this plane, that missing logbook won't be a big issue, cost-wise, since it ended in 1955, and everything was referenced accurately in the next book, which I have. Now, if it'd been the LATEST logbook that was lost, or the one which contained the engine conversion, or?? Who knows.
Good luck....
MTV