Rich,
way to go!!! I'm a card-carrying member of the save it at all costs club, so I appreciate your point of view.
Of course, I'm also a member of the "what-the-hell-we-may-as-well-rebuild-it-from-the-ground-up-since-we're-in-it-this-far club, so I generally advise on the less practical side of replacing everything. I'd rather sink a lot of money into it know, so I can know exactly what I've got, and it won't need ANYTHING 10 or more years down the road (hopefully!).
If it's just fun to save it, than fix/replace what obviously needs it, and put it back together. There are amazing stories of these engines taking huge amounts of abuse and staying on the road.
If you're gonna make a daily (or very often, at least) driver out of it, or even a worker, then go more deeply.
My thoughts, anyway.
-Michael
