I had the same thing happen, almost. I went to pick up an RD 350 parts bike. And the guy also had a Hodaka Road Toad. I paid $350 for the Road Toad, but it's pretty nice. It had no compression, the seller said it just needed a piston. In the end it just had a stuck ring, but the big end bearing was wrecked. I sent the crank out to a guy "Hodaka Dave" and he rebuilt it for I think $150 including parts. Since then I've ridden it a good bit, and it's been fun and reliable. Good for you. I love those chrome tanks. Enjoy!
I wouldn't bring her home to Mama, but Mama ain't home tonight.