July 1974 1.5 F engine refresh, what to do? (1 Viewer)

MadMace

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I was able to get this engine from @hyhpe.
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I was interested in it because it is a ‘74 (I am very partial to ‘74’s, see Marion Rising). I figured it would be nice to have another 74 engine on hand. It would also be a great experience for my son and me; I have never taken an engine apart before and he and I could learn together.

It was running when pulled, low compression on one. As you can see, there is some rust on the rockers.
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Valve clearances were tight on one so wondering if that was causing the low compression. Given the rust on the rockers, I didn’t run any compressions, just figured I’d get to tearing it down.

Spun the oil pump with screw driver, great oil movement. Got the valve train off, head pulled. Drained the oil—looked great, not milky or nasty, no evidence of water. Of course, piston tops pretty cruddy, cleaned up well. Flushed all the nasty crap out of the back of the water jacket.
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Got the engine flipped over, pulled the oil pan. Everything looks good, but honestly, I don’t know what I am looking for. What should I do/inspect/test at this stage before I start putting it back together?
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