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Kyle,
You will likely get lots of opinions on this. Here is mine...
If I were to buy such an airplane, I would consider the engines to have core value only, and would reduce the price by the price of two factory remans. "Sitting" (not flying) is the worst thing you can do to the entire airplane (I would expect potential problems with the gear retraction mechanism and the radios for example), and is especially bad for the engines. If the engines pass the tests you describe, and you have throroughly examined the entire airplane for corrosion (I hope you are getting it from Arizona) AND you can buy the airplane very very cheaply, it might be a good deal. But expect to change the engines very soon, and expect thousands of dollars of other problems from the airplane having sat so much.
One thing that might make the airplane a better deal (but the above comments about the engines still apply, you should plan on overhauls in the near future) is if it has flown 100+ hours a year for the last two years. Then maybe some of the above problems will be mitigated by recent maintenance.
Be aware that if the airplane has been sitting for a while, it can pass all of the engine tests you describe, and still easily require major engine maintenance within 50 hours or so.
In general, I would run from such an airplane unless I was an A&P and had some time and money on my hands.
My opinion.
Kevin
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