If it's seized, then the connecting rod may be seized to the crankshaft and the crank will need to be ground .010 under and a new undersized rod.
If it's a 5.5 HP engine, it's not worth fixing.
For true, piston seized in the bore is one thing, rod seized on the crankshaft is another and crankshaft seized in the block is worst of all.
Since it's a piece of junk as it sits, you can't hurt it.
Freeing a stuck piston, honing the bore and new rings is easy/obvious.
Just to see if I could, I freed up an aluminum rod seized on the iron crank, polished the worst of the ridges off the crank rod journal, nipped a thou off both the rod and the cap mating surfaces, carefully made it back round with an adjustable reamer, blued and scraped it to the spec clearance verified by Plastigage and it was still running last I heard. These are not precision instruments.
Even Honda, with a reputation for quality, has some tolerance. I paid $5 for a seized Honda mower; a quick check showed there was no oil in it. Turned it on its side, pulled on the blade and it freed up. I filled the cylinder and crankcase with diesel and turned it over several times by hand, drained the diesel, filled the crankcase with oil, cleaned the spark plug, sharpened the blade, filled the gas tank. It fired right up, no noise, sold it for $100 and it was still cutting grass last I heard.
jack vines