[Roadsters] Question on Engine Rebuild

[Matthew Cox]

Hey everyone! 
   
  For fun, I decided to take an engine building class at the community college this semester. The professor told us that we can bring in our own engine to build, so of course I'm going to bring in an R16. I just have a couple of questions for everybody.
   
  I have a couple of engines as options, one is my running, driving 67 3-main R16 and the other is a 5-main R16 from a 68 that has been sitting for a few years (I also have a 3-main R16 from a parts car that is complete and I could use).  
   
  My first inclination is to rebuild the long idle 5-main engine, since that is the one that needs it the most, but then I have a rebuilt engine with no decent car to put it in (the car it's coming from needs MUCH work, many years, and will maybe never be up to snuff.  I may actually be selling it soon if I move).  
   
  The other engine, the running 3-main engine, is in fine shape, as far as I can tell, but I have no idea how long it has been since it was last rebuilt and its valves are noisy (although they haven't been adjusted for a while).
   
  Is there anything wrong with rebuilding an engine that doesn't desparately need it? Any negatives? I was thinking that with the running engine, maybe I could add a hotter cam and maybe a couple of other things (headers, exhaust) to boost performance without going the whole stroker route right now (all my money is currently tied up in an extensive house remodel - so long, car paint fund). Any other ideas on performance mods I can make that aren't too extensive and expensive to take car of while I'm at it? What kind of HP growth can I expect from any of these?
   
  On the other hand, if I rebuild the sitting 5-main, I will have a good engine that I could also do performance mods to if I wanted. I could always hold the engine as a spare, sell it (how much?), put it in my runner, or keep it in the original car and plan on finishing that project MUCH later.
   
  Anyway, I've rambled too long. I guess I'm just asking what you guys would do, since this is my first engine rebuild. I'm excited!  Just send any ideas, tips and warnings I need to hear...
   
  Matthew in Phoenix
   
  67 1600 Driver
  68 1600 Long sitting project
  66 1600 Parts car with compete engine
   

       
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