engine rebuild
If it's losing about a quart of oil per week, don't drive it unless and until you get the engine rebuilt. Not sure about the smoke while pulling a load--what color is the smoke? My '63 Falcon blew black smoke all the time until I got the heads re-worked. It had bad valve guides or seals if I remember right.
Engine rebuilding is well within the ability of a competent do-it-yourselfer. Just expect it to be a while if it's your first time. Ask questions when you need to, and do it once and do it right.
Good luck with it!
It sounds to me at this point that you could probably easily get away with new piston rings, valve stem seals, and gaskets. The smoke (assuming it's blue oil smoke) is usually caused by piston rings or valve stem seals, so that would take care of the smoke. The oil leak of course could be fixed with gaskets and seals.
But here is my advice. I rebuilt my 95 351 with 219,000 miles on it. To be honest, I didn't do as much as I wish I would have done now. But I was in a hurry and money was a small issue at the time. I pulled my engine, and all I did with the heads was the valve stem seals. If I were you, I would definately have new valves installed by a machine shop with new valve springs of course. I didn't do anything with the heads, and it's still a turd (haha).
As far as the cam, I'm not sure how good the 302 cam is. If it's anything like a 351 cam, it is actually a really good cam for a truck, which is suprising being factory. But, seeing how you have MAF, you could go with whatever cam and lifters you wanted, and the MAF will adjust. I would suggest upgrading the cam with something that suits your needs. If you do a lot of towing, you are going to want a cam that works best from idle-3000 or 3500 RPM's. Otherwise, whatever you plan on doing with the truck depends on what cam you get. You could get one with just a little higher lift for improved airflow, and still keep the same powerband. But that's your decision...
In terms of the crank, I would definitely check the rod and main journals for wear. Chances are it probably has a little wear with that many miles. I didn't have anything done to the crank, and just installed new factory bearings. This was my biggest regret. It carries decent oil pressure, but not enough for my liking. It carries around 18-20 at idle, and 38-40 at 3000 RPM. It doesn't go any higher as RPM's gain, so that's usually why I keep it down below 3 grand. But my suggestion here is to have the crank sent off and polished. If it needs turned, have it turned. The machine shop that turns it will usually supply you with undersized bearings, or at least give you information on the bearings you need.
Now the pistons and rods are again your decision. I reused my pistons/rods. I had no problems with the rod catching on the wrist pin at all, and everything was free moving, so I left the pistons attatched to the rods. The only thing I did here is install new piston rings and of course the rod bearings I kept stock, which again I regret.
Now all that's left is the block. The oil pump you can replace, but that's your decision. I would suggest checking the clearences inside the pump to see if it's still good. If you don't want to screw with it, then spend the 25 or 30 bucks and get a new one. You will want to chech the cylinder bore to see if you need it bored and oversized piston rings. Hopefully you get as lucky as I did. Like I said earlier, my engine had 219,000 miles on it when I pulled it. The cylinder bore for our engines is 4.00 inches. I believe the maximum bore allowed with stock rings was 4.038 (4 and 38 thousandths of an inch.) The biggest cylinder I had was 4.012. I could still see the factory hone marks. If you're going to measure everything yourself, you will need telescoping gauges that go from 3.5-4.5 inches, and a micrometer that will read above 4 inches. When you check each cylinder, you will want to measure the bottom of the cylinder, checking at least two positions (+) for instance. You may want to check them at 3 points (*) to make sure it's not out-of-round. Do this at the bottom, middle, and top of each cylinder. If you have anything that comes out to being close to 4.038, then send it away to have it machined, and probably bored .030 over. But if you send everything to a machine shop (block, crank, and rods,) then you won't have to worry about measuring anything.
If you need anything be sure to come here first! Someone will be here to help!
For the first build I would hunt a round and find a good machine shop to do heads, block, crank, and pistons for you. A good shop will clean up the block then check every thing out like cylinder wear, roundness, valve guides, replacement not knerling. They will also check the crank for wear, rods, crank, heads magna-fluxed..... Then do the need machining and tell you what size journal bearings you will need. Then all you have to do is assemble the pieces. You will need plastigage to check clearances, and assemble. I would recommend the use of engine stand, makes it a lot easier.
You will need the use of special tools in order to assemble an engine correctly. Most can be rented, from some parts house. I would recommend buying a torque wrenchs, you never know if someone dropped it knocking it out of calibration. I would even price a short block if going back stock.
If you have questions Always Ask, don't guess when it comes to engine building, it could be an expensive decision.
Good luck in your new adventure.
Most that have some mechanical ability like doing it. You indicate that you do not mind getting your hands dirty, so you must have some.






