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How serious is this problem? 200

Dash,

With that many miles on the engine there is likely more in need of repair than the valves and seals. The tranny has probably used up most of it's life span as well. For what it's worth, I'd drop a fresh(er)B230 engine and transmission. Under or around 100K should be fresh enough. If the body's that good, it's well worth the expense and effort ... and should actually be less expensive and time consuming than making repairs on the old pieces. Just my $.02






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