The original 413ci engine that came with the 1960 Chrysler had locked up according to the previous owner.
With the car on the lift I tried prying the convertor with a large screwdriver. This went heavy but it did move. With a fresh battery I managed to start up the engine, but the telltale knocking sound of a damaged bearing make it clear something was obviously wrong inside.
Upon closer inspection the engine had indeed spun a rod bearing.

Next step was to remove the engine and open it up further to have a look inside.
It became clear the engine had never been opened up before and was still on its stock bore.