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I'd wait until the engine is pulled down before going ahead with the purchase of a new shortblock. Once it's pulled down you will be able to assess the damage to the head/valves etc on the cylinder the rod snapped in.
You're not the first 86 owner to have a rod depart the side of the block. There has been quite a few throw rods now, not all get plastered all over the internet.
You should be able to get your hands on a lightly used long motor for ~$4K
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