I think i'm going to undertake this project. Why not The worst thing that can happen is I run into a problem I can't fix and at least i've learned about what is wrong and i'll just be out some sweat and bloody knuckels. This will be a late summer fall job. I just hope I DON'T HAVE TO PULL THE WHOLE ENGINE THAT COULD BE A PROBLEM. Any advice would be appreciated. I will get a good service manual and parts cataloge I guess and with help from you guys hopefully get the old girl running again so finish the 1/2 acre pond and my grand kids and I can fish and swim for years to come.

The advice and recommendations sound right ......except I'd figure on getting the pan off for checking bearings.....working through the side covers is a real pain. Figure $300 per hole for new liners, pistons and rings. Get the head checked for damage/cracks and have the valves ground while your in there.
A working oil pressure gage is a must.