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69Conv

69' 302w time to rebuild?

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         I just bought a 69' convertible with a 302w.  First of all, The engine has never been rebuilt in the last 51 years (but has been somewhat maintained). The engine is knocking from the valve train and the exhaust pops when I let the engine decelerate.  Upon further research, I preformed a valve adjustment but the car still ticks and pops.  Not only that, the engine has been leaking oil from the rear main bearing seal and from a bunch of other miscellaneous locations I don't know where.  Doing the valve adjustment (even though the oil is less than 200 miles old) I noticed there was tons of gunk in it along the valve train.  And finally, the engine Is extremely hard to start- I replaced the choke heat riser tube (and run it every week) but the engine still hard to start.  Doing some basic research, all of these point to a engine in need of being rebuilt.  It would also be nice to do a few performance upgrades in the process but I'd really like some advice from people on here before I spend thousands of dollars rebuilding it.

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If it has an auto trans, you will probably quickly turn it into scrap metal if you add horsepower to the engine and start driving it hard unless the trans has been properly rebuilt and is still working properly.

Also, changing gear ratios is the best bang for the buck to improve performance.

Do a compression test with a good battery and the throttle propped open. Let the engine rotate 5 revolutions for each cylinder test.

Does it have white smoke billowing out the exhaust when you accelerate hard?

How many miles are on it?

How often do you plan to drive it?

 

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