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just be sure to sand the dinged up place to smooth it out the eliminate any hot spots so there will be no detination
It's not hit as badly as I've seen on others. I agree with the sharp edges dressing. I think I'd try it unless I felt like pulling the engine. Had the heads been worked on in the not to distant past?
I had a mid 70's Cadillac that did the same thing, but the piston looked much worse. I replaced the valve and ran it for another 50k miles before I traded it in.
Like others have said you are probably ok but if it were me I would take the extra hour to pull the oil pan and disconnect the connecting rod and push out the piston just to be sure. You are that far torn down and it's so easy to drop the pan on these cars why not be sure and do the job right the first time?
is not that easy, the cylinder probably has a ridge that will need to be reamed in order to get the piston out,
you might break rings and drop them,
might push some shavings into the crankcase,
might have to hone the cylinder,
you might have some cracks that you cant see with the eyeball,
so to do it really correctly purchase the appropriate one piston and one ring set. purchase the ridge reamer, purchase the hone, purchase the proper mikes and calipers, etc..
oh, to do it really correctly, take all the pistons out and balance them with your new one...
point is, just button it up and try it, see if it is ok.. else rebuild the entire thing.
if one valve dropped, you can bet another one is set to go soon, so at least send your heads in to get them done..
Is that a forged piston? How beat up is the head? Pull it to the top and measure the deck height against the other pistons. You can bend a rod also when a valve drops if it smacked it pretty hard. Did it die or keep running when it dropped?