Short answer, it depends. It depends on the circumstances of that particular engine's past life, how it was stored, where it was stored, what part of the country it was stored in, under what circumstances it was removed from it's previous host, how many times (if any) it had been overhauled in it's past and by whom, etc. Generally if the engine is taken from a good airplane which was totaled for reasons other than crashing it's odds are better. Hangar collapse for example.
For an example I bought an IO-360 with 130 TT which had swallowed a bolt which had been sucked in from the airbox. The cylinder and piston had been replaced with new. I had intended to put it in a Swift. But life happens and it sat in it's crate in my dry workshop for 40+years without pickling. That engine needed a home so I built a TCOW Cub and bolted it on, ran it and have been flying it for 8 years with no issues whatsoever. This worked because I knew it's history from day one. Based on reports here I was perhaps lucky. By the way, this engine came from the Twin Bee which algonquin has been flying. That airplane has flown the Atlantic twice having lived in Switzerland for a few years.
