Oil was contaminated with fuel and it thinned out the
oil which in turn washed the cylinder wall lubrication and also washed the lube off of the bearings. Believe source of fuel may be from a defective fuel pump and numerous attempts to get the engine running causing flooding and loading up of the cylinders. Already changed changed the pump and had a detailed conversation with the machinist who built the block.
As for the course of action, the machinist recommends the following:
Pull the engine and dissamble it. Examine the cam bearings for wear to determine if they also need replacement. I will also mike the cam lobes and check the lifters for wear to be sure that they broke in well. If they're out of spec, only cure is a new cam & lifter set (about $105.00).
As for the crank journals, the machinist advised me to use 600 emery and lightly polish the journals to see if they'll clean up. If not or if there is evidence of scoring, the crank has to go out for at least a machine polishing, if not a surface grind. According to the manuals I have, cranks can be ground to .020, but the machinist doesn't seem to feel that my crank will be in need of a re-grind. The local engine machine shop charges about $100.00 for the machine polishing.
He strongly advises that since the engine will be apart I should replace the rings, which I will do. As for the cylinder walls, I have to wait 'til I got the engine apart and examine the walls. If the crosshatch is fine, no problem. However, if there is any scarring, he suggests re-honing the cylinders.
Called my parts guy and everything except for the cam & lifters amounts to about $125.00.
So, best scenario is $125.00 and worst is about $330.00.
If you don't hear from me anytime soon, it's because I am locked in my shop working. The Mrs. has already been advised to serve all meals to me in the shop.
Thanks again for all your help and insight. I'll keep everyone informed of developments and progress.
Your NY Cobra Buddy,
TonyMadrid