Not necessarily...if you've got a compression tester (and know how to use it) you can get a good idea as to whether you've got a ring problem or a problem in the valve train. Smoke on initial start-up could be a seal or valve guide problem. Smoke after warm-up and under load would show up on the compression gauge as a ring problem. Reading the plugs is also a good diagnostic tool. Lower end diagnosis, is basically getting an accurate picture of the oil pressure and noting noise from the rotating assembly. If you find that your problems are in the head and valve train you and an experienced friend could tackle that job.
Once it's been determined that a rebuild is in order and you've delivered the engine, the machine shop takes over with the evaluation, machining, and assembly. If you've got the necessary equipment and expertise, this is where you can save a few bucks and reassemble. If you're short on either of the "E's" you'd be wise to let the builder do the assembly.
What's left to do after a shop rebuild?.....well Woody, hopefully you've prepped the engine compartment, gotten the correct clutch disc and pressure plate, installed a new pilot bushing, installed the clutch disc and pressure plate, added new motor mounts, bolted up the transmission and clutch linkage, added the starter, water pump, intake and exhaust manifolds, got your distributor set with static timing, and ready to pull for pre-oiling, added a new thermostat, hoses and charged (and burped)the cooling system, installed the fuel pump and lines, rebuilt or replaced the carburetor, added fluids, pre-oiled, primed and fired the engine to run in the cam, adjusted the timing and carb.....when all of this comes together and there are no knocks, or vibrations, and the engine idles down to a purr, you can sit back and feel good about your success.
Dave
