If it really ran without oil for a short time, it needs a complete tear down with measurements and inspection. Could be lots of issues, or very few.
Late 70s 440s were sort of a Hodge podge of remaining parts that got used up, could be some really good stuff inside that motor, or some really weak stuff inside that motor. On top of that, you really have no ides if it really is still containing factory parts. The late 70s was a long time ago, that motor could have been through a lot of stuff, or not.

Before deciding what I would do long term, I sure would be seeing what condition what is there is really in.