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Michael,
It is rare that any rattle will require a rebuild. You can first do a pressure test on the cylinder. There are several different ways.
Remove a plug and using a pressure gauge. (the zone has one for $30.00 or so), it should get up to 90-100+ pounds.
If not it could still be bad valve seats. You can check the rest of this by moving the timing mark to TDC (top dead center and find
#1 cylinder. Using the hose from the pressure gauge, connect an air line to the cylinder. You can hear a hissing in either the
intake, exhaust, or worse case from the hose that runs from the valve cover to the intake. This is blow-by, meaning you have leaking
rings or leaking valve seals.
I would guestimate 50% of the time people have their engines rebuilt, they only need a valve job.
Remove the heads and take them to a machine shop if you don't know how. You can remove the heads yourself, if you wish.
One little hint there though. Don't ever use any RTV (red, blue or otherwise) on any part of the engine near a oil vein. This can
clog up your oil veins.
I didn't catch now many miles you had on this vehicle. A common problem at about 150K+ is not a bad timing chain, but a stretched one.
This can only be noticed by a timing light and some engine pressure, which is hard to do parked. The slack comes out under pressure sometimes.
A heavy metallic problem sound a lot like a push rod. Push rods make a lot of noise at times when they aren't the problem.
If you have enough miles you might want to opt for the head job, and request all new seals and springs.
A "tap" sound is often from a bad valve spring not keeping the rocker against the pushrod. I have a SOHC now which won't do that.
There a few trouble shooting options here.
*Take of the blow by hose (the one from the valve cover) and see if there is any fumes or much air coming from it. Spun bearings
have some of those symptoms.
*Oil pressure, I'm sure you have a gauge for that, but sometimes a vein can get clogged and you can still have good oil pressure.
Is the noise coming from the bottom of the engine or the top? When it is running place your hand on the oil pan and then the valve
covers. Try to determine which side it is coming from.
There is a million and one things, but top or bottom isolation helps a lot. Also which side helps.
Check the oil pressure, etc.
If the vehicle has a lot of miles, it may very well be the main bearings. (this is a reach) they are o
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