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After a weekend of fighting this thing (also desmogging, new carb & recurved dizzy from @wngrog, a new radiator & gear reduction starter from the @beno), I get it back together last night.

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After a painful wait, oil begins to flow to the head likely for the first time...

 
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I noticed some bubbles in the oil. At first I think it just working the kinks out of getting lubed for the first time, but it persists so I shut it down and go in for a closer look.

There are pinhole sized bubbles coming out from what appears to be some sort of repaired area.

 
Unless somebody chimes in and says this is normal, I’m guessing that this head had a crack, got repaired & rebuilt (hence the good compression #’s), and then put back together by a crackhead who flipped the headgasket and upgraded to inferior hardware store bolts.
 
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Not really, but to add insult to injury, I installed the o-ring that was missing from the t-stat. It turns out that the t-stat is stuck and the missing oring was likely left out to keep the water flowing.

The saga continues...
 
So will you put the 60 head on that 2F? If so I don't think the 40 valve cover will work with the 60 head. The studs are shorter on the 60 head. A 60 valve cover would work or you might be able to put longer studs in the 60 head so the 40 valve cover would work. I just know I polished a 60 valve cover for my 40 one time thinking it would look great only to find out it was too short to fit the 40 head.
 
So will you put the 60 head on that 2F? If so I don't think the 40 valve cover will work with the 60 head. The studs are shorter on the 60 head. A 60 valve cover would work or you might be able to put longer studs in the 60 head so the 40 valve cover would work. I just know I polished a 60 valve cover for my 40 one time thinking it would look great only to find out it was too short to fit the 40 head.

Good call, I’ll check. It looks like a 60 valve cover. I can use the originals if needed.

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So I've been smelling fuel when I kill the 40 and finally found a piddle underneath it that was definitely fuel and traces it back to the week holes on the bottom of the pump.
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Has anyone had any luck rebuilding one? Is this OEM?
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I've never seen any rebuild parts. That said, besides a spring, the only part susceptible to failure is the diagram.

@Fireman , you are overthinking this. Get a new one off Rockauto and forget about it,
 

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