Incoming 3406C - Engine locked up where to start??

Hey Guys- I have been reading your posts for many years. I have a new to me 1992 Peterbilt with a 3406 Cat in it. 3ZJ21382, coming in soon.

I am told that the motor is set up and ex owner reports the following- "The truck had been using a lot of antifreeze, I was on a load in Ohio and it started smoking really bad and just quit when I pulled over I checked the oil stick and thick white smoke was coming out."

I have rebuilt a few Cat motors in heavy equipment the most recent was 3304 cat in a loader. I have also worked on few Cummins 855, head gaskets, push tubes.
My question is once I have verified the engine is set up what would you guys do next? I am thinking drain the oil and pull the pan, check the crank?
If the crank is damaged should I send it out to see if it could be redone or get a used crank and rebuild this engine or look for a whole different engine.
I know you guys have a lot of experience and I am hoping to gain some of my own without making too many costly mistakes- Thank in advance.

 

Thank you for the fast reply- sorry I should have chose a better phrase than "set up" - The motor s locked up.
Wore Out- I will get the pan off and get a good look at the crank and go from there. I will report the findings next week.

 

the previous owner claims that he recently had the pump redone- $3500. I know that there is alot of debate between mechanical vs electronic pumps, I do not know enough to have a prefernce.