I have the engine on a stand and have been methodically disassembling and cleaning it, and checking for signs of wear. Main bearing #3 showed .003 clearance and looked nice with no copper showing. One of the rod bearings also looked good and showed about .002 clearance and no copper. The camshaft sprocket for the timing chain is steel in lieu of nylon and looks healthy. My plan at this point is to finish cleaning it and start reassembly, sealing, and painting. Then put it on the test stand and run it. This allows for doing a compression test and oil pressure check. Any leaks are also easily fixed. If compression or oil pressure are incorrect then they will be fixed as well. The only risk with approach is a gasket set and some time.
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