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Do I have valve or engine failure? 200 1989

Well I was bragging about how good my car was running except for occaisional overheating (not into the red zone) on hot days. But I guess my luck ran out. My 1989 240 that I have had since new and now has 230k on her developed a serious problem today. I was driving home and noticed a loss of power about a block from home. By the time I got her limping into the driveway she was making a lot of noise. At first I thought it was maybe an electrical connection or spark plugs etc. But listening with the hood open it has a clattering metallic sound while running very rough like on less than all 4 cylinders. Also will start and run and the check engine light does not come one. So if anyone would like to take a guess before I get professional help here is what I have checked.

Spark plugs, rotor, cap, OK, last tune up with new spark plug wires less that 30k
Runs with AMM or without AMM so it appears OK
Diagnostic codes are 2-3-1 and check engine light is not on, 2-3-1 is compensating for a rich or lean mix which would be expected since not running properly
Replaced the knock sensor last year so would not expect it to be bad
Pulled the cover on the timing belt and tensioner and all looks OK

So I am fearing that it is not electrical and maybe some mechanical failure. Anybody care to take a guess at what it maybe. Thanks.


--
1989 240, 1992 745






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