I'm not qualified to tell you whether your engine needs rebuilding but I can give you personal experience with my engine.

I have a 216 with a 3 speed trans. Both are unrestored.

The truck will easily reach 65mph. A new clutch solved the 45 mph top speed issue and 30mph creep up hills.

Each cylinder holds 110 to 120 psi.

When you say plug number 3 is "wet", I assume you are talking about oil. I don't see where you identified the spinning pushrod as intake or exhaust. Oil is probably entering through worn valve guides. I suspect the valve with the wonky pushrod is not seating properly.

My opinion is you need a valve job at the very least.


1950 Chevrolet 3100 (Ol' Roy)

1939 Packard Standard Eight Coupe (The Phantom) | 1956 Cadillac Coupe de Ville (The Bismarck) | 1964 Ford Galaxie 500 coupe |1966 Ford Mustang (Little Red) | 1969 Pontiac GTO (The Dishpit) I 1979 Ford F-100 | 1976 Ford F-150 (Big Red) | 1995 Ford F-150 (Newt)