Truck is a 1975 F250 360. My present predicament is to buy a crate engine or to rebuild the engine and upgrade to a 390.

In short, I bought my truck a couple weeks ago and it looks like I have a head gasket leak. I would like to think I can handle this myself but my lack of tools,limited know how and uncertainty of the condition of the rest of the engine is making me second guess this. Everything else seems fine but this problem obviously can be very expensive and I'm trying to prepare myself (and my wife) with the possible costs.

Currently, it's in the shop getting a more "professional diagnostic" before I make my final decision. I'm looking for the option that gives me the biggest bang for my buck. I don't want to be taken advantage of so advice from the Ford professionals(You!) might be able to shed some light on my best option and if these estiments seem accurate.
-Estiments for rebuild-$2500-$3500. +cost of new crank,rods and pistons.
- online shopping is showing a crate 390 FE engine runs around $2500. I've never bought a crate engine before so I'm trying to decipher the differences between the $2200 and $19000 options. It's a work truck so something basic and reliable is fine by me.

What would you do do if you were in my position? Thank you!

 

Unless you are building a performance motor with specific goals in mind, it is tough to beat the pricing on buying a long block or "crate motor". I recently realized this when it was time to do something with the worn out engine in a Ranger I own. I was a professional mechanic for years and had always overhauled my own (besides the machine work) I called my buddies at the machine shop and talked to them and even THEY advised going with a reman long block from a local parts house. They told me that I would have at least or maybe even more $$ in having my parts machined and buying the rest of the rebuild parts...plus I would have a warranty on the parts house one........we discussed things a bit and they are in the process of trying to sell their business because of this.....they just can not compete anymore......it's sad.....these same guys did the machine work for me on the first engine I ever built........waaaayyyy back when I was in high school auto mechanics shop over 40 years ago....but they are an old school non CNC low volume home business just like they were back then.....always did EXCELLENT work and wouldn't compromise that to produce a higher volume..................sorry rant over......but I'm thinking it being economical anymore to build your own engine.......just isn't true

 

That's what I'm thinking as well. Plus I'll have an engine I can tinker on and learn from. I'll just have to wait and see what the shop says and what they recommend.
I want to apologize for not doing my research on the forums first. I see other people have asked the same question.