[deuce_roadster]

Hard to know if 18k is out of line without inspecting ALL the 32 specific parts, which most on a 32 engine are and knowing who did the work.. If DavidG rebuilt it with all the correct parts for where it would have been (time wise) during production I would say that is probably a reasonable price. I couldn't tell if it was a flange block from the picture but there were a LOT of changes over the production year. If it had a 4 bolt distributor and timing cover, that alone could be several thousand dollars by itself.
I didn't RESTORE my 32 roadster because it was a rusted out hulk to begin with, missing almost all 32 specific parts. If you didn't already have a correct 32 engine to start with I would think you would have 18k in one buying all the correct pieces (if you could find them) and getting the Babbitt work done. That is my guess.
Now with the value of the cars going down, might not make sense dollar wise. But if I was in this for the money I would sell all my cars now before the value goes farther down.