It's just a parts motor. An iron cylinder isn't a deal breaker. IF it has a functional crank & gearbox you are way ahead just in unfragged cases and peripheral bits.
To put it on the road at the very least the top end gets torn off to give you a chance to guess if the crank is OK. The timing cover has to come off to see if the oil pumps are scored, the cams are indexed properly, the cams & tappets aren't thrashed, and if the quill seal and quill bolt are OK.
That LH shift transmission is really just parts until you put another $150 or so in the RH shift covers, bellcrank operator, etc. Then there is the primary side to look at.
Possibly all is well, but in any event if you don't do your due diligence, more fool you. I've never yet pulled a Bullet cover where I didn't find something that could use attention.
So $1200 gets you spares at least. That's rather the point we have been trying to get across to the original poster, that there's no free lunch here. The era of $500 running take out Bullet engines is long gone, if it ever was.
Just be glad you aren't trying to resurrect an Ariel Red Hunter, or maybe a Matchless or Velocette with fragged engine cases & blown crank.