I have just run a compression check on my '86 Bronco with the 351W HO engine and 4BBL 4180 Holley, and unfortunately found out that there is only 86lbs. in cylinder #8 and 98lbs in #4 (all the rest are around 120). #8 is fouling plugs pretty regularly, and the idle is a bit lumpy. I am new to Ford engines, but I'm thinking that this may be an opportunity to freshen up the motor and learn some, too. It needs a new flex plate/ring gear and rear main seal anyway.
I have been working on air-cooled VW products for about 15 years, and I feel pretty comfortable with the idea of going through this motor with the help of a good local machine shop. My neighbor works at a transmission shop and has a hoist, engine stand, and experience with Mopar and Ford V-8 powerplants.

While looking for parts, I noticed that some state "except H.O." for the 351 Windsor parts (such as gasket sets or rebuild kits). What's the difference? Different intake/head gaskets, pistons? Any kind words of advice on what I should try myself vs. have the machine shop do? I like to save $$ like anyone else, but not at the expense of compromising a reliable motor. I've heard balancing may not be necessary, but having the main journals cut true is important on the Windsors. Some others have told me to just rent a cylinder hone and do it all in the garage. I'm getting confused; it sounds like I can rebuild this thing for anywhere from $400 to $4000.

I have only had my Bronco for about a month, and I really love it! I don't mind the engine troubles too much, cause it's in otherwise great shape and I bought it for a good price anyway.

Thanks in advance for any good advice and experiences...Ken