whats more likely is that its been stored sitting with the compressor wheel facing down and what oil was left in the bearing housing seeped out the exhaust side (common thing to happen) If the bearings don't have excessive play, the turbo is probably fine.
With the .82 housing, the turbo will most likely be lazy from a stop if your converter is stock, once you are rolling you are a downshift away from decent performance. If you are running the 10" 3000 RPM converter, then the turbo would probably perform fine. Since its 'in hand', you have nothing to lose by trying it.
If its not all siezed up, putting a stock exhaust housing on that turbo would make a more response unit. A TA49 is a more balanced combo though, due to the better turbine wheel.
Bob