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I'm picking up a 1974 460 that has 50,000 miles on it. The guy said he put new heads on it, but he didn't run the motor more than two days. I was wondering if I was going to need to put new rings in if I leave those heads on?
Also would it be a good idea to put bearings in it?
I would say, "Not unless you need them!" You say it has new heads, so I'm assuming that the valve guides have been replaced? That is the biggest problem when it comes to burning oil, not the rings. I had a 429 that started to burn oil (and smoke) at around 120,000 miles. I had the valve guides knurled and replaced the valve oil seals with the Teflon (Perfect Circle) type and the problem was gone. 50,000 miles is nothing. One way to know for sure is to do a compression check with and without oil. That should tell you a lot about the condition of the rings.
As for the bearings, here again, unless they are knocking or you have some other sign that they are worn such as very low oil pressure, leave them alone! Spend your money on other things!