Here's my 2 cents: if your sound is the sound I think it is, its probably
one or more worn big-end bearings. Does it take a second or 2 for the oil
light to go out when starting from cold? If these bearings are your
problem, you could replace them in situ with some degree of yoga skills.
However, if there's any wear on the journals then the engine will have to
come out to remove the crankshaft. (In which case I recommend leaving the
tranny in the car unless it needs attention as well.) Might as well do a
rebuild and get it over with; its not difficult on the 1500 engine.
Good luck,
Bill King '75 Spit1500
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