The first thing I'd do is a leakdown test. This will tell you about the
rings, intake and exhaust valves. If your total loss is 10% or less, save
time and money on a rebuild. If it is 10-15% you could go either way. If
most of the leaking is in the valves, you might get by with just freshening
the head.
If everything is good, I'd say change the oil, put in a Moly additive and
enjoy your winter. However, since you have one of those cars that is another
masterpiece of British engineering where they decided to have a shotgun
wedding between and engine and transmission, I'd suggest you do a little
further checking if it uses bronze synchros, then don't add Moly. If it
uses steel balk ring synchros, then put in the Moly..
GJB
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