Push rod v8. It's fine.
Pull the dipstick, check for water. Pop the radiator cap, check for oil. Let it idle for a minute with the radiator cap off, make sure its not trying to splash water out at you. Run you finger around the inside of the exhaust tip, check for oil there (bad rings or valve seals). Same with the throttle body (if you find oil here its a bad plenum gasket). The pcv valve is shot, you'll see oil in the air filter, don't worry about it. Get it up to temp and let it idle, should be smooth. Personally I think the 360 Magnum (5.9L if you prefer metric) sounds better than a 5.7, but there should not be any rattles, ticks, or knocks. If they are running right, they dont smoke.... at all. Shouldn't even be a little puff of anything at start up. Rev it up a few times and quickly take your foot off, there should be zero rev hang. The motor is nothing to worry about. It's fine as long as you don't find oil or water in weird places. Your weak spots are the electrical and automatic transmission. That 42re was a disaster.
It's the same basic design from the 1960s LA small block (360 cu. in., 340 cu. in., 318 cu. in.), so it's been around forever. If something does go wrong with it every mechanic and their front desk girl can rebuild this in their sleep. And just about any part you need can be found in a salvage yard fairly cheap. And if for some reason you can't get parts for a 360 Magnum, the parts off a 318 Magnum (5.2) will bolt right on and work fine.
