A full engine rebuild
I probably have $3500 in mine and I still need a lot of valvetrain parts and gaskets!
Nope
You can get a crate that will take your TPI system for relatively short money. Sometimes even cheaper than a straight rebuild depending on how much machine shop work is needed. Most definately easier and quicker
http://www.jegs.com/p/GM+Performance/752506/10002/-1
This universal 350ci engine uses a brand new block and can be used as a replacement for most GM vehicles from 1970-85. It produces 260 HP and 350 ft/lbs of torque with a 4-bbl carb and headers. It can be used as a replacement or as a retrofit into almost any vehicle. This brand new crate engine comes with a GM warranty and is covered for 3 years or 100,000 miles in applicable GM vehicles only.
Specifications
4-bolt main with 2-piece rear main seal
Cast iron crankshaft
LT1/LT4 powdered metal connecting rods
Cast pistons (dished)
Hydraulic flat tappet cam (.383''/.401'' and 112° lobe separation)
Cast iron cylinder heads with 76cc chambers
8.5:1 compression ratio
Left and right hand dipstick
4-quart oil pan
Timing tabs for a 6-3/4'' or an 8'' balancer
Recommended spark plug: Accel #111-574 or any spark plug with 14mm .460'' reach, 5/8'' hex, tapered seat, projected tip
GM recommends the use of a melonized distributor gear (#270-11951-1)
The Best of Corvette for Corvette Enthusiasts
Open Crate, put on dist and intake, put in car drive
Worn seals is a common problem.
Jake


Usually these short blocks are good for around 230,000 miles, and the timing chains are good to 150,000 miles.
If you have way under that, I would recommend that you change intake manifold gaskets and valve seals and see what happens.
If it doesn't reduce it by a lot, and you have ultra high mileage, it's the rings.












