99 5.3l in my 70... good engine¿

[lts70]

I may have access to a drive train out of a 1999 chevy 4x4 Z71. Thinking about getting it freshened up and sticking it in a new project truck. Previous owner (Family)said before it got parked it ran but had had a weird engine pulsating problem for many years as well as a lot of water coming out of the exaust pipe. He said he took it to a chevy dealer in Boise but they could never figure it out. So they drove it as is around the farm untill the ball joint gave out and it has been sitting ever since.

Is the 99 5.3l any good as it was the first year¿

Anyone heard of the problem above¿

Any advice would be appriciated.