What exactly does toasted mean? what's wrong with it?
How many miles on it?
I think we need more info...
Not sure how well the remanufactured ones are but sounds like from what I've read they do a pretty thorough job of changing things. Pretty much a brand new engine.
Probably do better to take it to your local indy and have them evaluate rebuild options? Doesn't sound to me like you have to throw the whole baby out with the bath water, but there aren't all that many details to go by here.
Wow, assuming the bottom end knock is a main bearing, it sounds like an excellent opportunity to rebuild it "Better than New" ie Stroke, Bore, Cams, a little head work . . . For what an O.E. Reman engine plus the labor is likely to cost, the cost of building a really fun engine might not be that much different . . . like somone else said in this thread, take it to a local independent shop and see what they can do for you.
A few other things to look at, the MoCo has remaned 103's too and not that much more$$ just a thought. Sometimes the damage costs more to repair in todays world than to replace. Something to think about. The remans are very good and just about a new motor