Ted. That engine number puts it as a 1949 Star Twin. HC indicates high compression.
Looking again at your intro picture, the bike has the later type of Longstroke timing cover, identified by 3 (rather than 2) bolts along the bottom edge.
Without a crank, rods and pistons, and maybe a poor cam and followers, this engine will be an expensive project. Without paperwork a later type engine to match the frame model year will be easier and cheaper. Post '53 frames have a brazed on sidestand lug, early ones don't, so you can get a rough date visually. Toolbox is from a rigid frame, but often fitted to your plunger frame as this later frame was introduced, running alongside the rigid version. All frames are marked A7, followed by S if the frame was a sprung (plunger) type.
Swarfy.