Those aren't valve covers. Those are the decorative fuel rail covers that the corvette motors have. That looks like a minor fire that only damaged the wiring.

What you have to understand is under that melted plastic and wiring is an all aluminum 427 cubic inch V8 that flows over 300CFM on each intake runner, has titanium rods, forged pistons and crank, and a dry sump oiling system.

So yeah, I'd take the motor.