Blew a rod, Have some questions.. Options

[Pfloyd09]

So I'm buying a '94 GT hatchback with a blown motor. Apparently the rod blew through the bottom, and out the oil pan. I'm a computer guy, not much of a mechanic (right now), but have always wanted to tear an engine down and rebuild it. I have the room for the job and can take all the time I need to do it, as this is just a side-project for me. Good times!!

So my questions are:

- When a rod leaves the engine unexpectedly out the bottom, does it generally destroy anything along the way that would completely ruin the block?
- What would I need to look for?
- What would you guys do?

I got this car for almost nothing, and would like to get this on the road for under $1k. I plan to do all the labor myself, and hoping I don't destroy it. The guy who owns it said he was driving it on the interstate and it suddenly started sounding weird, make a big noise, then stopped running. Said there was no knocking or anything prior to this happening. It's not seized, as it still turns over.

I plan to buy OEM parts for the rebuild kit, and will take the head out for machine work. What else should I consider?

Any thoughts, guidance, advice, would be appreciated!