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I just picked up a 1980 242, red, with M46, original engine with 250K, and most cosmetic bits in place. Car has a good repaint, zero rust, and aesthetically is excellent.
However, the head gasket on the K-jet B21 is oozing coolant externally, the AC is non operative with a seized york compressor, and the power steering is leaking. Low oil pressure light comes on below 1300 RPM, so rings or oil pump o-rings need attention. The wiring harness is shot, as are the shocks, and most of the bushings. So, mechanically, the car is a project, but an excellent foundation on which to build a nice 242.
I'm contemplating several options for what kind of work I want to do to this moving forward.
My original plan was to pull the engine and do a general refresh, depending on what compression test results suggest. Minimum work would be gaskets and seals, and oil pump o-rings. Additionally, I'd rebuild the wire harness, and find a newer rotary AC pump and power steering pump from the bone yard to retrofit into the 242. I'd keep the K-jet system and do repairs where needed. This car was originally Californian, so it has the O2 sensor, cat, and additional computer.
After considering all the work above, a second option emerged. I obtain a late 80's 240 parts car and do a complete engine swap, upgrading the AC and power steering at the same time with the donor car's systems, but also updating to LH injection. If the donor car is chosen well, I might be able to skip pulling the head or doing many seals. I do not know how complicated it is to completely retrofit from K-Jet to LH.
My goal is to build a reliable, sorted, NA 242 with working AC. Something that could be kept on the road for some time as a daily driver.
Hoping to get some opinions from people here on the above options or any others that you see.
Feels great to be back in the 240 section after a 6 year hiatus.
Jason
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