The engine looks like an early model Fox .35. It had a sand cast crankcase and four bolt head. It could be considered a collector item depending on condition. Should be able to clean it up with Aircraft Cleaner or slow cooking in antifreeze.

Yes, the plane is an AJ Fireball controliner. Had one of these myself in the late fifties. Flew great. It was rugged. I remember tying it to the back of my bicycle and riding 25 blocks to the flying field in Philadelphia. No problem at all. Those were the days when nothing was too inconvenient if you really wanted to do something.