Reg, You have to use common sense when dealing with siezed engines, it would not be wise to attempt to run an engine that had been found in the bottom of a pond, however ones that had one or all of the following problems have been freed off by myself and successfully put to work, seized pistons, valves, injectors, delivery valves, governors and pumping elements both rotary and inline. Although I have never dealt with one that has a siezed crank, any with crank problems have always had too little tightness or a detached conrod, there have been many with water in the sump, but all have still had oil in, the water displaces the oil and in certain situations allows the oil to cover the big end and main bearings and in fact help preserve them. It sounds as though your engine has existing wear issues on one journal which would probably not have deteriorated any during a short run. The piston to bore clearance for your FR is up to 0.012" and the ring gap is up to 0.035" new is 0.005" and 0.009" respectively.
Mark.