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DTalon;
Based on the mileage and on the assumption the car has been driven hard, my opinion is that you really need to pull that motor and have it gone over by a good shop. I say gone over, because you don't necessarily have to go into it expecting a full rebuild. It is possible that your crank journals are good, and maybe even the bearings on the bottom end are still ok, but you don't know that until you look at it and measure it all up. I always recommend this work be done by a good shop, they have the tools and the experience. You can pretty much count on having the cylinders honed, maybe bored, new rings, wrist pins, etc. Again, you won't know exactly what you'll need until you get it all measured up and checked. It goes without saying that the head should be done if you're doing the bottom end.
I don't know what your financial situation is like, but it is worth the investment to have the work done. You definitely want to have a strong foundation to build on, the last thing you want to do is restore power to a tired bottom and top end, and end up throwing a rod, or spinning a bearing, etc. Not only would that be expensive, but I actually had this happen to me many, many years ago (I threw a rod) while racing someone, and damn is that humiliating! The other guy was laughing his ass off!
Mark
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