Definitely can be rebuilt as just a 2 cylinder "small engine" . . . ie piston going up and down in cylinder. Might need rings, or bearings or head/valve work . . . . ONLY if it's completely wore out, which is not likely.
If compressor builds air and doesn't knock, then just replace oil and run it.
What kind of price are you considering paying ??
Be sure you see/hear it run before buying. Time how long it takes to fill 60 gal from empty to say 140psi. If Seller calling it "bad pump" from slow fill times, it could need new valves or ring job. Determine pump manufacturer and price out a rebuild kit.